Korean-American Entrepreneur Wins Chicago's First Casino License

Soo Kim Operating 14 Casino Businesses in the US

Perspective view of the Chicago Casino Resort proposed by Balise (Source: City of Chicago)

[Asia Economy Reporter Kim Hyunjung] A Korean-American businessman from New York has secured the operating rights for the first-ever mega casino project in Chicago, USA.

On the 5th (local time), Chicago Mayor Lori Lightfoot announced at a press conference that Bally's Corp, a large casino resort company based in Rhode Island, has been selected as the final operator for Chicago's first casino.

Bally's is operated by Chairman and CEO Su Kim (Korean name Kim Suhyeong). Kim is known as a 1.5-generation Korean-American hedge fund investor who graduated from Stuyvesant High School in Manhattan, New York, and majored in public policy at Princeton University. He founded the hedge fund management firm Standard General in 2007, acquired Bally's Hotel and Casino in Atlantic City, New Jersey in 2020, and also purchased the Bally's brand in October of the same year, attracting industry attention.

According to the Chicago Tribune, Bally's currently operates 14 casino businesses across 10 states in the U.S. After being selected as Chicago's casino operator, Kim said, "I am well aware of the expectations that the City of Chicago and the State of Illinois have for this project. I feel a sense of responsibility."

Chicago had been pushing for casino establishment since 1992 but faced opposition from residents, causing the plans to fail. However, in 2019, the Illinois State Legislature passed a law allowing the first casino in Chicago to be established and easing gambling regulations to increase tax revenue. Chicago then held a public bidding process and announced in March that Hard Rock, Rivers78, and Bally's were the final candidates.

Bally's has proposed the site of the Tribune printing plant along the Chicago River on the west side of downtown Chicago as the casino location. The plan is to invest a total of $1.74 billion (approximately 2.2 trillion KRW) to build a casino with 3,400 slot machines and 173 table games, a hotel with 500 rooms, restaurants, bars, and a large live performance venue with 3,000 seats, creating a comprehensive entertainment resort.

However, residents in the adjacent area still oppose the casino establishment, citing concerns about increased crime, traffic congestion, and declining property values. The Chicago Tribune reported, "According to a survey conducted last month, 80% of local residents expressed active opposition, while support was only 7.5%." Regarding this, Mayor Lightfoot expressed her determination to proceed with the establishment, saying, "This is an opportunity to solve the chronic deficit problem of the public employee pension fund."

With approval from the Chicago City Council and the Illinois Gaming Board, Bally's plans to begin construction soon and aims to open a permanent casino facility in the first quarter of 2026. During construction, a temporary facility will be built on a nearby site with an investment of $70 million (approximately 89 billion KRW), and casino operations are expected to start as early as the second quarter of next year.

This content was produced with the assistance of AI translation services.