Bally's Chicago Watch

PSA: For any community where @BallysCorp shows up. Because of their terrible execution a broke City of #Chicago is essentially subsidizing a #casino owned by a billionaire. Taxpayers likely on the hook for $18.6 million in '24 & $19.6 million in '25. You've been warned.

It's been 3 years since @BallysChicago opened. Here's how Lori & @BallysCorp squandered this opportunity: Miss on gaming revenue: –$693M Miss on tax revenue for Chicago: $48M vs. $164M projected Miss on profits: $485M net loss since inception Bally's cannot deliver.

A casino license is a privilege. For some reason, the Illinois Gaming Board has no problem with @BallysCorp's behavior and approach. Any other operator would be embarrassed to have their "flagship" property look like this, but not broke @BallysChicago. axios.com/local/chicago/2026…

Excellent piece by @StiffsGeorges on Bally's next chapter... "Virtually no one wanted to talk for attribution about Bally’s, least of all Bally’s itself. Yes, that same Bally’s that loudly and repeatedly complains about “inaccurate” media coverage." casinoreports.com/news/bally…

Last week, Bally's couldn't answer @AldReilly's questions about their finances. Today, Bally's Chair held a call to reassure investors. This was the financial update: "For more information about Bally's capital resources, please refer to Bally's public filing." The filing:

Bally's wants you to know they are committed. Executive Chair Soo Kim spoke for ~6 minutes. He said about 814 words. He took 0 questions. But in breaking news, Bally's will "send direct correspondence to our shareholders to sign up for tours." Stop worrying, he's committed:

Bally's announced another $560M loan at ~13% interest, 18 months, for their NY project. This debt comes while they have told the SEC there is "substantial doubt" the company & Chicago casino can survive as a going concern. Bally's lenders bar this type of new debt for Chicago.

Apparently you need to clear your entire morning, b/c Bally's press release says 12 ET, but when you go to register the time is 11 ET? The fact they can't get the time right pretty much sums up their attention to detail regarding Chicago. Register: app.webinar.net/0wo6ngpJAPm

The sign of a successful appearance before the Chicago City Council is the company having its Executive Chair and major shareholder host a formal IR conference call less than a week later. But everything is totally fine and going according to plan. We should trust Bally's.

City Council getting stonewalled. Contractors getting stiffed. Union trades getting furloughed. Investors getting fleeced. Taxpayers getting screwed. City pensioners getting it worst of all. This is what happens when @BallysCorp gets picked in a backroom.

Bally's top leaders couldn't remember what they promised Chicago - we do. Because Bally's has generated just 39% of its expected total revenue (short by -$582.6M), they have generated $103 million less in gaming taxes than promised. Anywhere in America delivering 32% is an F.

The 3.5 hour hearing produced far fewer gems than Rick Heidner wore, but to recap: Bally's says the 2 "Going Concern" warnings issued for the Corp. & Chicago Casino are no big deal. Bally's says they've delivered on their promise - they haven't and taxpayers have paid.

The average CFO at Bally's is lasting just 535 days in the job. Concerns in Chicago is an understatement. They've slowed work here. The Chicago casino's net loss is $56.4 million for first 6 months of '26. Bally's billions of debt is rated junk. There are warnings everywhere.

Another @BallysCorp special. Facing billions in debt, junk bond status, "going concern warnings" for the company & the Chicago casino, their CFO quits with 1 day's notice. The average Bally's CFO lasts only 535 days. This speaks volumes and is most definitely not normal.

So wait, a company with a market cap of $485 million, $390 million in cash & $8.6 billion in liabilities isn't a sure thing?

A @WSJ Bally's update: “Leverage is not sustainable at current levels,” Fitch said in a June report. “Mostly everything he’s done has worked out,” Stantial said. “Soo has proven time and time again his ability to navigate the credit markets,” Jonas said. What an endorsement🤣

Dear Bally's: You've got unpaid vendors, the permanent was supposed to open in Sep. '26 & you've generated $100+ million less than you & Lightfoot claimed. You've delivered 30% of what you promised taxpayers. Property taxes are higher b/c you didn't deliver, but great post. 👏

Wow, @chicagotribune reports "there five mechanics liens filed against" @BallysChicago. But it's okay, they super-duper swear they have the money to finish the Chicago project. Meanwhile, Bally’s debt is rated deep into junk territory & bonds trade at 66-cents on the dollar.