Bally’s Temp Casino Revenue Drops to $7.6 Million in October
In October, Bally’s temporary casino at the Medinah Temple site reported a revenue of $7.6 million, which is a 12% decline in average daily revenue compared to its first few weeks of operation. This was revealed in the latest monthly cash count announced by the Illinois Gaming Board. The River North betting house ranked near the top of the state’s roster of 15 casinos, but it fell well behind city tax revenue projections for Chicago’s underfunded police and firefighter pensions.
The adjusted gross revenue for Bally’s in October was approximately $245,446 per day, down from the average of $278,268 in its first month of operation. The casino reported more than 83,000 admissions in October, with an average of about 2,681 visits per day, a 20% decrease from its inaugural weeks.
Bally’s take generated nearly $768,000 for city coffers, adding up to almost $1.5 million in tax revenue since its opening. However, it leaves the casino short of the $12.8 million revenue target for 2023, as set by former Mayor Lori Lightfoot.
Mayor Brandon Johnson expressed optimism regarding Bally’s performance, emphasizing the need for the casino to continue marketing and delivering. Bally’s executives also expressed optimism during a quarterly earnings call, with CEO Robeson Reeves stating that the Chicago operation is “beginning to build momentum.”
The Chicago casino’s net profit of $7.6 million ranked fourth in revenue among casinos statewide in October. Bally’s is currently operating at Medinah Temple ahead of the construction of their permanent facility at 777 W. Chicago Ave, with plans to extend their River North stay with gaming board approval.