Bally's says it will open its new Chicago casino by early 2027 despite carrying a going concern designation in its latest quarterly report. The operator owes $4.5 billion, and under US GAAP standards that signals substantial doubt about its ability to continue operations over the next year.
Kim Barker, executive vice president and chief legal officer at Bally's, told NBC Chicago that funding is in place and the deadline will be met. She said cash inflows are expected once the Chicago and New York properties are complete, enough to cover obligations. Fitch downgraded its outlook for Bally's over the summer, citing liquidity problems and high leverage. In October the company announced it was adjusting the construction pace for parts of the development — the hotel, retail and exhibition space.
Twenty-eight Chicago city council members called that a material change to the contract terms. They accused Bally's of prioritising the gaming floor over infrastructure. Bally's responded by promising to fulfil all commitments. A separate dispute centres on video terminals the council approved across the city — the company considers that a breach of the agreement. The temporary casino at Medinah Temple is currently running at a loss. Bally's needs around $400 million over the next two years to finish the permanent complex.
Bally's is also negotiating a sale of its rights to build a stadium for baseball club Athletics in Las Vegas, a project valued at $1.1 billion.
