Bally’s temporary casino at Medinah Temple made almost $7 million during its first three weeks in business, with the River North gambling venue’s soft launch already landing it in the middle of the pack among Illinois casinos, state regulators announced Friday.
Figures released by the Illinois Gaming Board suggest Chicago’s first casino could fall behind initial city revenue projections — but they also hint at why it could become the most popular in the state. Gamblers already have made more than 80,000 trips through the turnstiles.
From its Sept. 9 opening through Sept. 30, Bally’s came out on top by about $6.7 million, according to the gaming board’s monthly casino revenue report. That’s the Rhode Island-based company’s adjusted gross revenue, or the amount of money it held after paying out winners.
Bally’s made about $4.3 million on its 800 slot machines and $2.4 million on 56 table games inside the temporary site at 600 N. Wabash Ave., where bets are expected to be taken until 2026 while a permanent structure is built at Chicago Avenue and Halsted Street.
Bally’s $6.7 million monthly profit ranked eighth among the state’s roster of 16 casinos, which is still led far and away by Rivers Casino in Des Plaines. That gaming hall, the state’s most lucrative since opening in 2011, generated about $41.5 million in September.
Bally’s reported 80,330 admissions in its first few weeks at Medinah Temple, second in the state only to Rivers’ 260,000-plus casino visits.
Bally’s, which also runs a casino in Rock Island, paid almost $1.6 million in taxes on its new Chicago operation.
That means about $695,000 in city tax revenue, which is earmarked for its underfunded police and firefighter pensions, and $868,000 for the state, which goes toward Gov. J.B. Pritzker’s $45 billion capital infrastructure plan. He signed the 2019 state gambling law that created the long-sought Chicago casino and five others.
Medinah will have to churn out a lot more money over the next three months to meet lofty revenue estimates set earlier this year by former Mayor Lori Lightfoot, who selected Bally’s as the casino operator last year over three other bidders.
Her mid-year budget forecast, issued shortly before she left office, banked on $12.8 million in city casino tax revenue by the end of 2023. Bally’s previously made a $40 million upfront payment to the city.
At the casino’s ceremonial ribbon-cutting on Tuesday, Mayor Brandon Johnson said he was “confident” in Bally’s ability to meet its long-term projections, which call for $50 million in annual tax revenue from Medinah and $200 million per year from the permanent site. Johnson is scheduled to present his 2024 budget proposal next week.
Bally’s chairman Soo Kim said at the ribbon-cutting that Bally’s was “still working out the kinks,” but that he was optimistic about the launch. He added that the casino has drawn “a slightly different crowd” than Bally’s other properties — a younger one reflecting the people who live, work and travel in the River North neighborhood.
“We’re here to keep our promises to our community,” Kim said. “It’s just the first step of the longer journey, to build the whole [permanent] casino.”
Overall, the state’s 16 casinos raked in a grand total of more than $132 million and more than a million admissions in September, both modest increases from the previous month.
