Bally’s closes $500m sale leaseback with private equity firm
Bally’s has closed a deal worth up to $500m (£423.3m/€488.1m) with a real estate private equity firm in Chicago, wherein the firm acquired the 30-acre Tribune Publishing Center site where Bally’s Chicago will be built.
As part of the deal, Bally’s will lease back the land from the real estate firm in a ground lease agreement. The agreement consists of an initial 99-year term, which will be followed by 10 separate 20-year renewals.
In addition, the firm will invest up to $300m for Bally’s Chicago’s development through the deal.