With the betting window closed on the first full month of operation at Bally’s temporary casino, the Medinah Temple site raked in more than $7.6 million in October, a 12% decline in average daily revenue compared to its first few weeks.
The latest monthly cash count announced Wednesday by regulators at the Illinois Gaming Board put the River North betting house near the top of the state’s roster of 15 casinos — but well behind city tax revenue projections for Chicago’s desperately underfunded police and firefighter pensions.
Bally’s adjusted gross revenue — its profit after paying winners — shook out to about $245,446 per day in October, down from an average of roughly $278,268 from its Sept. 9 opening through the end of that month.
And while the new casino at 600 N. Wabash Ave. remained the second-biggest draw for Illinois gamblers among the state’s gaming destinations, monthly admission figures suggest the excitement could be wearing off.
Bally’s reported more than 83,000 admissions in October, an average of about 2,681 visits per day. That’s down about 20% from the average of 3,347 who walked through the turnstiles on average each day in its inaugural weeks.
Bally’s take generated nearly $768,000 for city coffers, adding up to almost $1.5 million in tax revenue since it opened.
That leaves it a long shot for the long-sought Chicago casino to hit the $12.8 million revenue target for 2023 set by former Mayor Lori Lightfoot shortly before she left office.
Mayor Brandon Johnson didn’t answer directly when asked Tuesday how confident he is the Rhode Island-based corporation can generate the $34.4 million that city budget officials have banked on for his first budget taking effect next year.
“Bally’s has to continue to do its part to market, and to encourage, and to deliver. I’m doing my part,” Johnson said.
Bally’s executives expressed optimism during a quarterly earnings call last week. CEO Robeson Reeves said his company’s Chicago operation is “beginning to build momentum” as they “expand our marketing initiatives.” The gaming board has to sign off on casino marketing plans.
“Our business is ramping,” Bally’s president George Papanier told investors, adding that marketing efforts would launch this month. “It’s showing week-over-week growth, and our space has gone from zero to 27,000 customers in under two months. And, you know, they’ve not been marketed to at this point.”
Papanier also noted Medinah Temple will soon become a 24/7 operation. Currently, it closes from 4 a.m. to 8 a.m.
The Chicago casino’s net profit of $7.6 million ranked fourth in October among casinos statewide, many of which have at least twice as many gaming positions as the 800 slots and 56 table games inside Bally’s temporary operation.
Rivers Casino in Des Plaines — the most lucrative in the state for more than a decade — dwarfed the competition with more than $43 million in revenue and 250,000 admissions in October.
Bally’s is taking bets at Medinah Temple ahead of the construction of their permanent facility at 777 W. Chicago Ave., where ground is expected to be broken next summer.
The temporary casino is expected to be open through September 2026, although legislation advancing in Springfield could give Bally’s the option to extend their River North stay with gaming board approval.
