Debt-laden Bally’s future in ‘substantial doubt’ amid video gambling dispute over Chicago casino
<p>Bally’s has acknowledged its massive debt creates “substantial doubt about its ability to continue” over the next year, when the company is supposed to open its long-delayed Chicago casino complex in River West.</p><p>The statement of “going concern” was included in Friday’s quarterly filing with the Securities and Exchange Commission from Bally’s, which says it “is pursuing a number of financing alternatives intended to enhance its liquidity, including asset monetization, an equity sale, and debt financing.”</p><p>The disclosure comes as Bally’s butts heads with City Council members who authorized video gambling terminals that the company says will eat away its revenue — providing fodder for alderpeople who <a class="Link" href="https://chicago.suntimes.com/city-hall/2026/08/12/ballys-permanent-casino-river-west-construction-slowdown-council-members-letter" target="_blank" ><u>argue that’s just an excuse</u></a> to slow down a project Bally’s can’t afford to complete.</p><p>Companies are required to issue going-concern warnings if there’s “substantial doubt” about their ability to avoid defaulting on debt over the next 12 months.</p><p>Bally’s cited a series of “adverse conditions” its Chicago operation faces, including the fact it has weathered “significant losses and negative cash flows from operations since its inception and expects to continue to incur such losses and negative cash flows for the foreseeable future.”</p><p>While the company is on the hook for about $400 million in costs over the next two years to complete its permanent complex at 777 W. Chicago Ave., Bally’s still isn’t breaking even at their temporary casino at the historic Medinah Temple, 600 N.
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<p>Bally’s has acknowledged its massive debt creates “substantial doubt about its ability to continue” over the next year, when the company is supposed to open its long-delayed Chicago casino complex in River West.</p><p>The statement of “going concern” was included in Friday’s quarterly filing with the Securities and Exchange Commission from Bally’s, which says it “is pursuing a number of financing alternatives intended to enhance its liquidity, including asset monetization, an equity sale, and debt financing.”</p><p>The disclosure comes as Bally’s butts heads with City Council members who authorized video gambling terminals that the company says will eat away its revenue — providing fodder for alderpeople who <a class="Link" href="https://chicago.suntimes.com/city-hall/2026/08/12/ballys-permanent-casino-river-west-construction-slowdown-council-members-letter" target="_blank" ><u>argue that’s just an excuse</u></a> to slow down a project Bally’s can’t afford to complete.</p><p>Companies are required to issue going-concern warnings if there’s “substantial doubt” about their ability to avoid defaulting on debt over the next 12 months.</p><p>Bally’s cited a series of “adverse conditions” its Chicago operation faces, including the fact it has weathered “significant losses and negative cash flows from operations since its inception and expects to continue to incur such losses and negative cash flows for the foreseeable future.”</p><p>While the company is on the hook for about $400 million in costs over the next two years to complete its permanent complex at 777 W. Chicago Ave., Bally’s still isn’t breaking even at their temporary casino at the historic Medinah Temple, 600 N. Wabash Ave., which opened about three years ago.</p><p>The company ran a loss of $56.4 million over the first half of 2026 and has an accumulated deficit of $233.3 million, Bally’s reported.</p><p>But company officials say that’s “entirely separate from, and unrelated to” Bally’s decision to slow down construction of the hotel, event center and other amenities adjacent to its casino project, which has been beset by financing and logistical delays.</p><p>Bally’s announced last week it was <a class="Link" href="https://chicago.suntimes.com/news/2026/08/09/ballys-to-stop-work-on-some-amenities-at-permanent-chicago-casino-development-amid-video-gambling-dispute" target="_blank" ><u>stopping much of that ancillary work</u></a> in response to the city’s approval of video gambling terminals that were allowed to help balance last year’s city budget in defiance of Mayor Brandon Johnson and Bally’s host community agreement.</p><p>Johnson’s administration has yet to license any of the bars, restaurants and other establishments that already have state approval to plug in slot machines.</p><p>A Bally’s spokesperson said in an email that “there has been no change to the status of Bally’s Chicago’s construction” and maintained the company “remains well situated to continue delivering on its obligations.”</p><p>“The going concern disclosure is based on a forward-looking technical accounting analysis which considers only funding that has been unconditionally secured as of the date of the assessment,” according to the company. “Bally’s Chicago has consistently demonstrated its ability to execute this project, including advancing construction ahead of the original Host Community Agreement deliverable timeline.
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- <p>Bally’s has acknowledged its massive debt creates “substantial doubt about its ability to continue” over the next year, when the company is supposed to open its long-delayed Chicago casino complex in River West.</p><p>The statement of “going concern” was included in Friday’s quarterly filing with the Securities and Exchange Commission from Bally’s, which says it “is pursuing a number of financing alternatives intended to enhance its liquidity, including asset monetization, an equity sale, and debt financing.”</p><p>The disclosure comes as Bally’s butts heads with City Council members who authorized video gambling terminals that the company says will eat away its revenue — providing fodder for alderpeople who <a class="Link" href="https://chicago.suntimes.com/city-hall/2026/08/12/ballys-permanent-casino-river-west-construction-slowdown-council-members-letter" target="_blank" ><u>argue that’s just an excuse</u></a> to slow down a project Bally’s can’t afford to complete.</p><p>Companies are required to issue going-concern warnings if there’s “substantial doubt” about their ability to avoid defaulting on debt over the next 12 months.</p><p>Bally’s cited a series of “adverse conditions” its Chicago operation faces, including the fact it has weathered “significant losses and negative cash flows from operations since its inception and expects to continue to incur such losses and negative cash flows for the foreseeable future.”</p><p>While the company is on the hook for about $400 million in costs over the next two years to complete its permanent complex at 777 W. Chicago Ave., Bally’s still isn’t breaking even at their temporary casino at the historic Medinah Temple, 600 N.
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Debt-laden Bally’s future in ‘substantial doubt’ amid video gambling dispute over Chicago casino
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