Bally’s set to close Freedom Center site purchase for $155 million this month, with plans to sell the land in a sale-leaseback to raise cash for Chicago casino development
Bally’s, which exercised its option last month to buy the Freedom Center printing plant site to build its Chicago casino, is expected to close the deal with owner Nexstar Media Group this month for $200 million.
— the former broadcast parent of Tribune Publishing. In 2018, Tribune Media got approval for a planned multiuse development at the site including offices, a hotel and thousands of residential units.Chicago Tribune Freedom Center parking lots at right, along Chicago Avenue between the Chicago River and Halsted Street on Tuesday, March 22, 2022.
In May, Bally’s won a heated competition to build the Chicago casino, which is expected to generate $200 million in annual tax revenue for the city, transform the industrial site into a bustling entertainment destination and force the Chicago Tribune to vacate its printing plant along the Chicago River.
In September, Bally’s completed the previously-announced acquisition of the “non-land assets” of the Tropicana Las Vegas for $148 million, payable to Gaming and Leisure Properties, a casino real estate investment trust that acquired the property in 2020. Bally’s will lease the land under the casino from Gaming and Leisure Properties for an initial term of 50 years at annual rent of $10.5 million.
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