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Bally’s Chicago’s initial public offering (IPO), valued at $250 million, has been in limbo since its announcement eight months ago. Now, it’s moving forward after a series of lawsuits and various regulations scuppered its becoming available when Bally’s wanted it.
It’s now waiting on the Securities and Exchange Commission (SEC) to give the green light to the gambling operator, with potential investors alerted to this on Wednesday, with a planned date set for August. The purpose of the $250 million IPO is to raise money to invest in its $1.7 billion casino resort.
Part of the letter, as reported by Casino.org, reads:
“With this filing completed, assuming no additional comments from the SEC, Bally’s Chicago is currently targeting to close both the IPO and the second tranche of the concurrent private placement in early August 2025.”
When it originally opened the IPO, it was exclusively targeted at women and minorities up to 25% of the investment going into the casino. However, since refiling, it is now open to anyone with “preferential allocations” for those living in Chicago and Illinois.
This can be tied to two lawsuits filed in Chicago, claiming discrimination against white men. Rather than deal with the headaches, one of which was dismissed on April 30, it appears that Bally’s is simply removing this requirement to get the ball rolling faster.
The second suit was settled with the plaintiffs, American Alliance for Equal Rights. This group is headed by Edward Jay Blum, with a focus on suing entities based on their diversity efforts.
Bally’s Chicago casino faces constant set backs
Chris Jewett, the Senior Vice President of Corporate Development, said:
“There is definitely [investor] interest, for sure.”
Despite this, the casino itself has been in development hell. It was planned in 2022, with 500 rooms, a theatre that can hold 3000 people, and 10 restaurants. On top of this, there’s also a planned 4000 seats for gaming.
However, it’s now only really getting started and plans to open in 2026. In December 2024, construction debris spilled into the nearby river, forcing a demolition stoppage. The following May, the Illinois Gaming Board was forced to investigate the site after a waste hauler connected to the mob was found to be in use.
Speaking again, Jewett said:
“The tower crane just went up, steel is starting to get delivered.
“Hundreds of thousands of tons of steel are going to come in over time. The main building construct is steel and concrete.”
Featured image: Bally’s
The post Bally’s Chicago IPO makes comeback in August appeared first on ReadWrite.

UK gambling industry lobbyists are organizing meetings and events to schmooze ministers ahead of a feared tax rise.
Despite warnings that the predicted tax hike could push as much as 28% of current British gamblers into the black market, the Treasury continues to evaluate its plans to simplify the various tax rates on gambling products. If it goes through, the measure would increase the gambling industry’s overall paid tax significantly.
In a push to stop the plan in its tracks, the Guardian reports that gambling lobbyists are meeting with ministers and even planning social events like a darts evening with Labour special advisers and MP staff to try and stop the tax hike in its tracks.
The Betting & Gaming Council (BGC) has made its objections to the potential tax increase clear, highlighting that not only would it stifle growth, but it would also not reduce gambling activity, but rather only push it underground. The BGC’s members include bookmakers and online casinos and has delivered its findings to the Treasury in a recent report.
Now, in emails sent to its members and seen by the Guardian, the trade body is encouraging its members to lobby politicians, with at least one instance of a darts social event being shared directly with Labour staff via the Labour Staff Network (LSN). The event was jointly hosted by BGC and Flutter plc, the owner of Paddy Power, Betfair and SkyBet, with its description promising to “continue building constructive engagement across Westminster”.
“The Labour staffers event was a great opportunity for us to talk about our ‘Big 180’ partnership with Prostate Cancer UK – built around the World Darts Championship – which has so far encouraged 350,000 men to check out their risk of developing the disease,” said a spokesperson for Flutter.
No stone unturned to stop the tax rise
In further emails, the BGC’s chair, the former Labour MP Michael Dugher, claimed to have met with Katie Martin, the chief of staff to Chancellor Rachel Reeves and was also reportedly “in touch” directly with the chancellor herself. However, the paper reports that a source close to Reeves said no formal meeting with the BGC had taken place.

 
Readwrite has contacted Reeves’ office for comment.
“It is entirely common and appropriate for trade bodies like the BGC to routinely meet with ministers, shadow ministers and MPs as well as officials and advisers across government,” said a BGC spokesperson. “All donations and hospitality are consistent with the parliamentary and other rules and are fully declared and transparent.
“Ministers have been clear in public and in parliament that they would be meeting with the relevant stakeholders as part of the consultation on tax harmonisation proposals. That includes the BGC, which represents companies employing over 100,000 people and a sector enjoyed safely by millions of customers each month.”
Featured image: Pexels
The post UK gambling industry attempts to schmooze ministers ahead of potential tax rise appeared first on ReadWrite.