Bally’s Las Vegas Resort Project Pegged at $1.19 Billion

Bally’s Corp has placed a $1.19 billion price tag on its Las Vegas resort development that is still in the planning stages, according to a Clark County filing submitted on December 29.

The filing outlines a phased construction plan for the mixed use resort site located next to the Athletics’ proposed Las Vegas ballpark. Bally’s anticipates full project completion by December 2030, with construction divided into multiple stages supported by 13 separate permit applications.

Plans for the site include a hotel and casino complex, retail and dining areas, a 2,500-seat theater, and extensive parking and infrastructure components.

Phased Construction and Permit Timeline

Bally’s first permits were filed in December 2025. Those applications include a $175 million central utility plant and a $150 million southeast parking garage and access ramp.

Construction is set to expand further in 2027, with build out of the northwest podium followed by southwest podium foundations and the hotel tower foundations. Permit approvals for that phase are scheduled between August 2027 and February 2028.

The biggest phase, financially speaking at least, begins in 2028, led by the hotel tower superstructure. Valued at $550 million, it represents the single largest permit in the filing. Additional southwest podium work is expected to continue into early 2029, completing the planned permit sequence.

Four Phase Resort Development Plan

The permit schedule aligns with Bally’s previously disclosed four-phase development plan for the Las Vegas site.

• Phase one centers on shared infrastructure, including utilities, parking, access roads, and initial retail space, with completion targeted to coincide with the opening of the Athletics ballpark.
• Phase two delivers the core resort elements, including a 1,800 room hotel tower, casino floor, sportsbook, and an entertainment district integrated with the stadium plaza.
• Phase three completes construction of the 2,500 seat theater located on the southwest corner of the site.
• Phase four adds a second 1,200 room hotel tower on the northeast portion of the property. That area is expected to initially function as a construction staging site for the ballpark project.

At full build out, Bally’s plans for approximately 1.7 million square feet of hotel space, 100,000 square feet of casino floor, 476,000 square feet of retail and entertainment space, and more than 800,000 square feet of parking.

Financing Questions and Analyst Scrutiny

The updated cost estimate comes amid growing analyst scrutiny over Bally’s ability to fund multiple large scale developments simultaneously.

In December, Citizens Bank analyst Jordan Bender questioned Bally’s long term commitment to the Las Vegas project, citing the company’s expanding list of capital intensive initiatives. Those include its pursuit of a New York City casino license and the ongoing Chicago development, alongside broader balance sheet pressures.

That same month, Bally’s announced $1.1 billion in financing, explicitly referencing its New York City ambitions but making no mention of the Las Vegas resort.

Some analysts have suggested Bally’s may need to pursue asset sales or bring in a development partner to advance the Nevada project at its current scale. Others, including Truist Securities gaming analyst Barry Jonas, have indicated the company retains flexibility in how and when the project moves forward.

Chicago Casino Project Remains on Track

Separately, Bally’s executives reiterated their commitment to completing the company’s $1.7 billion Chicago casino and entertainment complex by the end of the year.

At a recent Chicago City Council hearing, Bally’s Chief Development Officer Chris Jewett said the River West project remains on schedule for substantial completion, despite earlier delays and ongoing legislative discussions related to the company’s temporary casino license.

Jewett noted that off-site infrastructure work, particularly the Chicago Avenue bridge replacement, will influence the opening date of the permanent casino. City transportation officials indicated the bridge project remains on track for December completion.

Temporary Casino Extension and Revenue Concerns

At the same time, Illinois state representative Kam Buckner recently introduced legislation that would allow Bally’s to continue operating its temporary casino at Medinah Temple through 2027. Under current rules, the temporary facility is permitted to operate until September 2026.

Bally’s executives told city officials they do not expect to rely on the full extension if construction proceeds as planned, but acknowledged that the legislation provides regulatory flexibility should infrastructure or construction delays arise.

City council members also raised concerns about the temporary casino’s performance. In 2025, Chicago collected $15.8 million in tax revenue from the facility, down from $16.1 million in 2024. That’s well below the initial projections.

Bally’s attributed the shortfall to parking and accessibility challenges at the temporary site, arguing that the permanent casino’s expanded amenities, including a hotel, theater, riverwalk access, and multiple dining venues, will better support revenue targets.

Several aldermen also questioned whether limited visibility and marketing of the temporary casino may be suppressing demand.