An Update on GLPI’s Landmark Chicago Investment: Bally’s Flagship Downtown Chicago Casino Resort
Gaming and Leisure Properties (GLPI) has provided an update on its $1.19 billion investment in Bally's flagship Chicago casino resort development. The project, located at the former Chicago Tribune site in River West, will feature a 178,000 square-foot casino with over 3,300 slots and 170 table games, alongside a 500-room luxury hotel.
The development, expected to open in Q4 2026, has reached several key construction milestones, including demolition completion, caisson installation, and concrete foundation work. Current activities include ongoing concrete pours, underground electrical and plumbing work, and steel erection for the casino structure.
- Major $1.19 billion investment demonstrates strong commitment to growth and tenant support
- Project includes substantial gaming capacity with 3,300 slots and 170 table games
- Development is progressing on schedule with multiple construction milestones completed
- Strategic location in Chicago's River West neighborhood with potential for strong market presence
- Significant capital commitment of $1.19 billion may impact financial flexibility
- Extended timeline until revenue generation with opening planned for Q4 2026
- Large-scale construction project carries execution and potential delay risks
Insights
GLPI's $1.19B Chicago casino investment with Bally's shows significant progress toward 2026 completion, representing strong tenant partnership and future revenue potential.
GLPI's
The project's construction appears to be progressing on schedule for a Q4 2026 opening, with completed milestones including demolition, caisson installation, trench excavation, and foundation work. Current activities focus on vertical construction with concrete pouring and steel erection already underway. The development's structural elements for both the casino and hotel components are taking shape, indicating the project has moved beyond initial site preparation to actual building construction.
This property will be substantial in scale, featuring 178,000 square feet of gaming space with 3,300+ slots and 170 table games, plus a 500-room luxury hotel. For GLPI, a primarily triple-net lease REIT, this represents a textbook execution of their business model – acquiring high-value gaming real estate and leasing it to operators while collecting stable, long-term rental income. The substantial size and prime urban location in Chicago's River West neighborhood position this as a potential flagship property in GLPI's portfolio.
The commitment to ongoing construction updates via webcams and photo portals suggests management's confidence in the project timeline and execution. For GLPI shareholders, this development represents a significant growth vector with predictable, contracted cash flows once operational, supporting the REIT's dividend-focused investment thesis.
A Media Snippet accompanying this announcement is available by clicking on this link.
WYOMISSING, Pa., Sept. 22, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (“GLPI”) has partnered with Bally’s Corporation (“Bally’s”) to transform Chicago’s River West neighborhood, with the development of an integrated casino resort at the former Chicago Tribune site. The project will bring an iconic, world-class entertainment destination, featuring a 178,000 square-foot casino with over 3,300 slots and 170 table games, a 500-room luxury hotel, vibrant dining and nightlife, extensive event space, and a community-enhancing riverwalk and green space. GLPI’s
With this release, GLPI is providing a summary of the completed milestones to date, the current and upcoming activities on the site, and an array of renderings and current project photos. In addition, the link to a photo portal, which will be updated as the project continues to progress, can be found here: Bally's Chicago Project Images.
Completed Project Milestones
- The demolition of the Chicago Tribune buildings
- The insertion of caissons
- Trench excavation has been completed
- A concrete pad has been connected to the hotel core
- A waterproofing membrane has been installed for various project areas
- Caisson caps and grade beams to support vertical construction have been installed
- Crane #1 for steel erection has been assembled
Current Activities
- Ongoing concrete pours for shallow foundation walls, columns, basement level slab-on-grade, grade beams, and elevator core walls
- Rebar cage and formwork installation across multiple sectors, including perimeter walls and the hotel elevator core
- Underground permanent electrical and plumbing work, including necessary trench excavations, conduit installation, duct bank work, and cabling for the temporary and permanent ComEd power
- Continued installation of structural grade beams and perimeter walls for both the casino and the hotel
- Structural wall construction along Chicago Avenue
- Inspections and backfilling around completed areas
- Regular steel deliveries and steel erection activities for the casino structure
- Hotel level 2 deck pour and preparation for level 2 to 3 column pours
Upcoming Activities
- Continued vertical (concrete) construction of the hotel
- Continued vertical (steel) construction of the casino
- Continued steel deliveries and staging in preparation for the erection of Cranes #2 and #3
- Fabrication of the hotel curtainwall system for the hotel and casino
Project Renderings
Current Project Images
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
About Bally’s Corporation
Bally's Corporation is a global casino-entertainment company with a growing omni-channel presence. It currently owns and manages 15 casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and has access to OSB licenses in 18 states. It also owns Bally's Interactive International, formerly Gamesys Group, a leading, global, online gaming operator, Bally Bet, a first-in-class sports betting platform, and Bally Casino, a growing iCasino platform.
With 10,600 employees, the Company's casino operations include approximately 15,300 slot machines, 580 table games and 3,800 hotel rooms. Upon completing the construction of a permanent casino facility in Chicago, IL, and a land-based casino near the Nittany Mall in State College, PA, Bally's will own and/or manage 16 casinos across 11 states. Bally’s also has rights to developable land in Las Vegas post the closure of the Tropicana. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".
Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding the successful completion of the Bally’s Chicago casino project (the “Project”). Forward-looking statements can be identified by the use of forward-looking and timely terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward-looking statements are inherently subject to risks, uncertainties and assumptions about GLPI’s and its subsidiaries, including risks related to the following: Bally’s ability to complete the Project; our and Bally’s ability to obtain all of the necessary approvals and consents for the Project; the potential negative impact of recent high levels of inflation; GLPI's ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this release may not occur as presented or at all.
Contact:
Gaming and Leisure Properties, Inc.
Carlo Santarelli, SVP - Corporate Strategy & Investor Relations
610-378-8232
investorinquiries@glpropinc.com
Investor Relations
Joseph Jaffoni at JCIR
212-835-8500
glpi@jcir.com
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