The recent Q1 results from the gaming giant, Bally’s Corporation, came along with a discussion on their future plans and ventures. The corporation divulged plans about launching a casino in Chicago by the Q3 of 2026, overcoming various challenges. Meanwhile, Bally’s is treading cautiously with the redevelopment plans for the Tropicana site.
Bally’s resolution and actions regarding these matters were made apparent during their Q1 earnings conference call. Bally’s CEO, Robeson Reeves, has declared an outright lack of urgency towards the redevelopment of the Tropicana property. Regardless, the renowned Vegas property remains on schedule to be demolished in October, in line with the company’s prior plans.
The site earmarked for redevelopment currently belongs to Gaming and Leisure Properties. Post-Tropicana’s closure, nine acres of the property are slated to become a baseball stadium. Bally’s, meanwhile, is deliberating over its choices.
As per Bally’s treasurer, Charles Diao, the corporation doesn’t seem to be in a hurry to reinvent the site. They aim to capitalize on the potential rise in the site’s value. Bally’s is determined to exploit the strategic position and versatile nature of the site to their advantage.
In the interim, financial challenges endure for Bally’s in raising the required capital for its Chicago-based casino. However, the corporation remains steadfast in its belief in the successful, timely launch of the property, thanks to their resources.
Bally’s ongoing struggle to secure the $800 million required to develop its Chicago-based property is well-known. Despite this, the corporation’s temporary establishment at Medinah Temple continues to gain ground and woo new customers.
Although sceptics attribute the temporary venue’s success to Bally’s promotional extravagance, the property has consistently reported GGR increases for six consecutive months. As per Bally’s records, Medinah Temple’s temporary casino now ranks as the second highest frequented gambling venue in Illinois.
Marcus Glover, the CFO of Bally’s, agrees the revenue from the property is so far “pretty light” but insists this is a calculated move.
The corporation’s executives, apart from their Illinois and Nevada endeavours, also shed light on the company’s bid to open a casino in New York. They are of the opinion that delays in the licensing process might actually turn out to be beneficial for Bally’s by providing them with adequate time to address issues in other states.
In related news, a shareholder of Bally’s recently called for fellow investors to oppose indoor smoking in their properties.
