Bally’s, which exercised its option last month to buy the Freedom Center printing plant site to build its Chicago casino, is expected to close the deal with owner Nexstar Media Group this month for $200 million.
After buying the property, Bally’s plans to sell the 30-acre property in River West and lease it back to raise funds for the proposed $1.74 billion casino complex, the Rhode Island-based company said during its third quarter earnings call last week.
“We’re close and focused on a land sale-leaseback in Chicago, because we think that that’s a core part of the capital structure,” Bally’s CFO Robert Lavan said during the call.
