Bally’s has updated the prospectus for its Chicago, Illinois, US, initial public offering (IPO) programme, aimed at wooing the city’s residents.
This is Bally’s second IPO attempt for the venue, which seeks a 25 per cent equity stake in the US$1.7bn project to build the city’s first casino resort. It promises preferential consideration for residents of Illinois and of Chicago particularly.
The company’s first IPO controversially limited the offer to prospective investors who are women or people of colour. Two white men from Texas filed a lawsuit to sue Bally’s and the city of Chicago for discrimination. The IPO stalled earlier in the year as the US Securities and Exchange Commission (SEC) failed to declare the registration effective before its February deadline, rendering it invalid.
“We take pride in having attracted a substantial amount of interest in ownership from women and minority groups,” said Soo Kim, chairman of Bally’s Corporation.
“To make this investment available to even more Chicagoans who make this city so great, we are extending our investment opportunities, with a preference for residents of Chicago and other parts of Illinois. We remain steadfast to our commitment to the city of Chicago and the development of a thriving community.”
