City Receives Bally’s $40 Million Upfront Payment For Chicago’s 1st Casino
CHICAGO — The promised multi-million dollar 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.
City Receives Bally's $40 Million Upfront Payment For Chicago's 1st Casino (blockclubchicago.org)