Gaming and Leisure Properties says its funding timetable for Bally's permanent Chicago casino remains unchanged even as construction of the hotel and other amenities proceeds more slowly. The landlord still expects the casino portion of the project to open in the first half of 2027.
During GLPI's third-quarter earnings call, management said the wider development was about two-thirds complete and had more than 1,000 workers on site. The casino and hotel structure are expected to be weather-tight by December, although completion of the full set of amenities may take longer than previously planned.
GLPI said the slowdown does not change its underwriting because rent is earned as development capital is funded. That structure limits the direct effect on the real-estate company, but a later completion of the full property could delay the point at which Bally's generates its own cash flow from the investment.
CDC Gaming reports that GLPI executives also said their view of the Chicago market had not changed. The city's move to permit video gaming terminals remains a source of disagreement with Bally's, but GLPI said it had considered that possibility when assessing the project.
