The promised ten-figure payment to make Chicago’s first casino a reality is in city’s coffers.
Bally’s has paid the $40 million it pledged as part of its pitch for the $1.7 billion riverfront casino and resort at the Tribune Publishing site in River West, Mayor Lori Lightfoot said in a statement Thursday.
The money, which was a major factor in making Bally’s the frontrunner among three finalists, will support the city’s pension costs. Bally’s also has pledged to pay the city $4 million annually to that end, and generate $200 million in yearly tax revenue.
The mayor signed an extensive community host agreement for the casino last week, finalizing everything from Bally’s license to operate, how big the casino must be and its deadlines to open.
