On the banks of the Chicago River, a massive landmark starts coming down

Bally's has begun tearing down the Chicago Tribune's former Freedom Center printing plant in River West as it clears the way to build the city's first casino.

The Providence, R.I.-based company today ceremonially kicked off demolition of the hulking facility at 777 W. Chicago Ave., where it plans to build a massive casino and hotel complex. The Tribune moved out of the 42-year-old building earlier this year after the gambling giant agreed to a series of undisclosed payments to buy out the newspaper's lease for the printing facility.

"We're really excited to put something here that befits Chicago as a whole," Bally's Chairman Soo Kim said today during a media event to launch the demolition. "I think what we have planned for you is just fantastic and is going to make everyone proud."

Demolition of the Tribune building is expected to take about five months, according to Bally's, which aims to open the new casino in fall 2026.

Bally's has had to clear formidable and costly hurdles over the past few years to be able to begin work on the $1.7 billion project, including reaching the buyout deal with the Tribune. Bally's in January disclosed that it had to change its plan for a hotel on the north end of the site due unforeseen issues with city water pipes along the Chicago River.

In March, the company said it was trying to close an $800 million "funding gap" to finance the project, a tall order amid elevated interest rates that have kept many real estate developers from getting new buildings underway. Just days later, Bally's said its largest shareholder, hedge fund Standard General, had offered to buy out the remaining shares it didn't own. That raised new questions about whether plans for the project would change under the new ownership structure.

Credit: Danny Ecker

Bally's executives and public officials perform a ceremonial sledgehammering to kick off demolition of the Freedom Center.

Credit: Bally's

Credit: HKS

A rendering of the planned Bally's casino in River West

But Bally's took key steps forward last month when it announced a new $940 million financing deal for the project with Gaming & Leisure Properties, a real estate investment trust that will ultimately own the casino. Bally's at the time revealed new plans for a tweaked casino design and a 34-story hotel on the south end of the site.

Bally's last month also announced it had reached a deal with Standard General to sell remaining shares to the hedge fund. That deal still needs U.S. Securities & Exchange Commission approval before it is completed.

Kim today echoed his comments from earlier this year that his buyout doesn't change the company's commitments to the city of Chicago under a host community agreement between the parties.

"We keep our promises," Kim said to reporters of the casino plan, calling the buyout "an indicator of how optimistic we are" about the Chicago project.

"If we were not optimistic, we wouldn't be paying a large premium to public shareholders" to purchase the remaining shares of Bally's, he said.

Credit: Danny Ecker

The casino project will include a riverwalk extension running south from Chicago Avenue.

Credit: Danny Ecker

Bally's Chairman Soo Kim speaks to reporters after the demolition event.

Mayor Brandon Johnson called the project "one of the largest economic investments in Chicago" in a statement issued in partnership with Bally's. "For many years to come, this project will have an incredible impact on our city as a job creator, hospitality destination and revenue generator."

The complex will include a 3,000-seat theater, six restaurants, a food hall and a 2-acre public park, as well as a 2,000-foot-long riverwalk running south from Chicago Avenue.

Bally's said in the statement that demolition crews will work from 8 a.m. to 8 p.m. and will not use any explosives or wrecking balls. Trucks will primarily use the Grand Avenue access point to the site, and a dust mitigation plan for the demolition process was approved by the Chicago Department of Public Health, the statement said.

Bally's opened a temporary casino last September at the Medinah Temple building in River North. The company announced earlier this month that the venue saw 126,620 visitors in July, its busiest month so far and up 5.6% from June. The temporary casino has seen 1.14 million visitors to date, according to Bally's.

Credit: HKS

A an aerial rendering of the planned Bally's Chicago casino

Credit: HKS

A rendering showing the planned 34-story hotel 

By Danny Ecker

Danny Ecker is a reporter covering commercial real estate for Crain's Chicago Business, with a focus on offices, hotels and megaprojects shaping the local property sector. He joined Crain’s in 2010 and previously covered the business of sports, as well as the city's convention and tourism sector.

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