Yeah, About that Casino Money
Looking less and less likely to ever appear:
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.
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.”
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 Council members who argue that’s just an excuse to slow down a project Bally’s can’t afford to complete.
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.
Every bad decision that could be made over this boondoggle wasn't simply made - it was embraced and sold to taxpayers as something it never was and almost never could possibly be.
Simply amazing.
Labels: city politics, money questions
posted by SCC at 12:05 AM
70 Comments:
Why doesn’t the city just make all the bar slot machines Ballys machines? Problem solved.
Awww the poor predatory gaming corporation is going broke….”sad, so sad.”
Hey, there's always whores .. right?
What's amazing is the Hubris that the little troll lightfoot big butt & city council members believed they could push around a company like Ballys. 1st they mandated that it was on the south-side then the west side. They thought they could push around Ballys. So Ballys made other plans & are 1000% going to pull out. So many casinos around & not nearly as many parking lot robberies & home invasions like Ballys has had. Reading the blog the other day officers are for dropping residency. Not even armed police officers want to live in the shithole known as Shitcago. The city is dead! Not dying, not on life support but dead!! The good people/folk gave in to all the B. S. Let the CTU, BLM, & all the violence interrupters take over. Wait they already have. Now there are politicians saying that it's OK to shoplift if they need to eat. WTF is there to eat at the Coach store?? How about Gucci? Do they serve hot dogs, at any of these stores?? Everyone knows the truth but few will say it. Shitcago is being run by thugs, gangs & (gasp) dirty politicians. If you have less than 10 years on & still want to be the police or F/F. Go to the burbs. Better pay, better benefits & you aren't forced to live where you work mostly. Let the animals eat their young. They don't want the police, good go where you're wanted.
And for our next trick, we're going to have a try at a one-car funeral!
Bally's and Mayor Conehead were made for each other. Total losers.
Now, kees me you fool!!!!
The old magic fairy dust budget that NEVER comes to fruition.
The city budget better be cut by a few billion dollars this October whatever BJ is selling taxpayers don’t want any
Hmmm sort of like the way conehead and pugster handled the Bears negotiations!!!
but what about using all that money from the parking meter lease? Huh?
The plans for this Chicago casino just proves we are being led by pants-on-the-head retards and that this city is 20-years behind every other city. Once all the Baby Boomers and Gen-X generation dies off, casinos will be a thing of the past.
How is that special investment buy in only for minorities working out?
Chicago, the city that Jerks!
Apparently the sops to keep gaming terminals out of everyday businesses in Chicago ended with the Mr/Ms Lightfoot administration.
Bally's has since "played" the "players". In other words, Bally's has realized the casino, in one of the most traffic-unfriendly places, is a non-starter (esp. with the Chi pols with their greasy hands out). They have devised a plan to back out of this white elephant while blaming the city.
This ruse appeared when Bally's decided to issue shares in the biz to the minority community. Their legal eagles HAD to know this would eventually fail.
Then there was the thing with the waste disposal outfit. I understand there is currently a labor issue at the hotel portion of this boondoggle.
Another embarrassment for Chicago and a full chapter for future business and public administration texts, considering all the foibles after King Richard I passed without explicit instructions on how to maintain the fiefdom.
The city that’s never held accountable. So sick of all these losers promising the world and delivering piles of sh$t whilst emptying our pockets.
So much for it being any kind of contribution to the pension fund.
Lightfoot’s pick and yet she still wants to be relevant. Didn’t Daley teach you anything? Just take your payoff and go away. Just like the skyway millennium park condo to approve the worst deal for chicagoans. Meters and now this. One mayor away from Bankruptcy.
Building the casino was a gamble from the start, I'm here all week try the veal.
The casino will lose money. Clowns can’t run it Too many other places to gamble besides downtown. Also online. The casino will never make money for the city
There is nothing that Chicago can’t F up!
Disagree, “retards” would run the city, county, state much better.
These “leaders” are just stupid, stupid, community members.
Not to worry!
Al that is needed is another equity and investment program launched for women and minority investors.
People will be begging, and faking minority status, for a piece of the action.
Such a deal.
Knew it!
who cares.........
Chicago is the only major city where a casino is going broke! Thanks DEMOCRATS Ill keep voting for ya although we also lost the bears
Imagine if over 20 years ago, Chicago had the insight to let a casino open when it was first suggested. How much revenue could have been made over all these years? Politics killed this idea. It is a cancer and a sickness in this city. Today, Chicago can fuck up a one car funeral procession. Whatever they lay their hands on is a disaster waiting to happen.
1 in debt Casino plus 1 in-debt City = crapped out!
Small towns like Michigan City Indiana have world class casinos with great hotels, restaurants and entertainment. Why can't Chicago manage it?
Just give them the terminals.
Hard to believe Bally’s people were that stupid to get involved with Chicago.
Twerks
The building is mostly up.
absolutely as long as the city gets their cut.
Why they never considered McCormick Place East is unbelievable. Not enough construction work to steal from.
This is a parking meters mess create by stupid Mayors of this poorly run city!
Yea keep voting Democrat, dummies!
The Bears are the only smart sports team to get out of Illinois and embarrass all democrat politicians!
because Vanecko enterprises would lose all that money
Bring back organized crime to fix the problem
We need slots at airports, not in bars and restaurants.
Well said, and all that money being funneled to alleged violence reduction, which is just giving taxpayer money to gangs.
I have yet to see a Chicago politician that knows diddley-squat about economics.
Because Bally’s dosent kick back to the pols like the Mob does, dummy
*jiggles dice* COME ON BANKRUPTCY! Come to papa! Here we go... *throws dice*
Awwwww, craps....
if the machines were in restaurants, bars,coffee shops, airports,convention centers in every business in chicago that wanted a few. CPD would have pensions funded 100%. End dollars to the illegals, violence interrupters ,cps schools that have low enrollment and chicago would be able to lower taxes.
daley was an idiot he should put it in the old mccormick building apparently daley eddie burke n madigan must had put the strong arm to the casino owners also there are now 17 casinos in the state i hear the one in aurora is booming right off i-88 and plenty of free parking no ghetto trash
f-ckuou 11th ward
Amen
Calm down Tucker
Because the Outfit, through fronts, controls video poker, cigarette vending machines, juke boxes and the food vending trucks like the one that was always parked in front of 26th & Cal. Plenty of independents were murdered to solidify the outfits control over these cash businesses. It’s unlikely the city would attempt to kick the current video gambling companies out to make Bally the sole entity through Chicago.
Chicago blew it. They will never have a casino now. They could have built a real nice one, and maybe other casinos would follow and turn into an entertainment district. Just like the Bears, they had No Plan. No Plan at all. And another muti-multi million dollar buisness walked out the door.
Chicago is so fucked up. Everyone knows it too. Remember the bid for the Olympics? We were the first city that got dropped out. Yeah. Just like that. We are the armpit of the entire country.
Nothing would surprise me. right after the Chicago whores get their "medicare for all" free teeth, they can start working. Remember, you cant be a successful whore without teeth!
If only the bottom 5% of Chicago society would just vanish.
Life would be amazing here.
Remember when they came out with the investment "opportunity", but limited it to the minorities? Crash and burn dei tools.
Breaking news in the 13th Ward: Ald. Marty Quinn is retiring, and it looks like a coordinated handoff to “Big Al” Cacciottolo. It makes you wonder how long this succession plan has been in the works.
Like to know where there are cigarette vending machines.
We went to high school together.
Big trouble with the FOID revocation guys in BCT. Apparently the “OT” isn’t matching up to a lot of things. OT audit is being done by central timekeeping downtown. If central time keeping is doing an audit that means 2 things and ONLY two things. A CR number was generated triggering an audit due to the number that someone opened OR the city inspector general ordered it due to an investigation. I’m going to go with the latter. I predict someone bitter or jealous dropped a time to the city IG and they are working on something and have requested records and audits. Central time keeping only does an entire unit audit if one of those two things is happening.
Here’s why. Most cities have an elected Mayor but are actually run by a competent, educated professional city manager. Not some former school teacher who has never managed employees or run a business.
I’m guessing you have never been there.
But they hired John Kelly future Mayor as their lobbyist. What could go wrong?
You will be hard pressed to find a bigger supporter of law enforcement over the last 20 years than Al. Was at every community event for decades before Quinn was even in politics.
Speaking of money.. I just read my property tax bill. 4k just for CPS.. my share just for CPS increased 261 dollars more than last year. Absolutely insane. The schools are trash, most of the admins are connected ctu slugs and they have more staff than students at many schools. GUT CPS. Close these schools and combine them. The big argument was “you can’t combine because of gangs and territory.” These days that’s Irrelevant. There is a new gang set on every block that doesn’t get along. Gds now go to school with BDs. Kings go to school with SDs.. it’s irrelevant. Combine them, close a ton and get rid of a huge amount of employees. The 12 BILLION dollar CPS budget can get slashed in half easily. Anyone with half a brain can come in, revamp the entire system and save 6 BILLION that may actually end up pulling this city off life support.
Did you expect this gaggle of goofs to make something work?? Sold as the savior of the city pension obligations. Really, 10 years of profits go to the pensions. How about the costs of building the casino and the upgrades over 20+ years if it ever happened. There would be no money for the pensions. Never going to happen, if you were awake during the past 45 years, nothing these Fuckheads did worked. The Old Man would never let this type of embarrassment happen every day. The snake oil salesmen(women) continue their 3-card Monty game on the citizens. Daily there is a new crisis that they will never solve. If they ever solved a problem the money goes away. The buildings have fallen; there is nothing left except the non-profits who are money laundering entities and fraud outlets. Ashes and dust are the future of Chiraq.
Try 27 yrs ago. And Daley still fucked up. Is mumbles dead yet?
Hey, there's always whores .. right?
8/18/2026 12:35:30 AM
Yes, there will always be Aldermen.
Maybe it can be repurposed as affordable housing for the feral people/folks.
Stop it. If the city cared the only overtime would be Vswo, in custody arrest processing, and court related stuff.
Yes. Whores and dope. Illinois is fucked and most Chicagoans want all this legalized anyways.
Don’t worry the pension fund will be fine. Just wait until 2028!
Know bait/switch
“Yes. Whores and dope. Illinois is fucked and most Chicagoans want all this legalized anyways.”
Why not? Australia, New Zealand, Germany, and many other western countries have legalized prostitution for years. Works out pretty well for the prostitute pay taxes. They get health insurance and police protection like any other business. Maybe we could use that money to fund the various underfunded police pension funds.
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