Title: Revamped Gambling Empire: A Turn in Chicago's Casino Project
Lawsuit Concerning Exclusion of White Men in Purchasing Shares of Chicago Casino at Bally's Resolved
Hell yeah, let's dive into the latest scoop in the sports betting industry brouhaha! I'm your fave unfiltered insider, Grant Mitchell, ex-Virginia Tech grad, erstwhile NCAA track six-pack, and die-hard sports bettor. When I ain't breaking the news, you can catch me pumping iron, rambling around the city, or tuning into the day's must-see matchups. Here's the lowdown on Bally’s Corporation's Chicago casino project!
The Scoop
Get this—the initial investment plan for the $1.7 billion casino endeavor by Bally’s Corporation targeted women, Black, and disadvantaged individuals for its exclusive ownership stakes. A brainchild of the Host Community Agreement during former Mayor Lori Lightfoot’s reign, the initiative aimed to generate opportunities for underserved communities.
This venture's savvy move reserved a 25% share of the pie for those identifying as women or hailing from historically underprivileged racial or ethnic groups. Filed with the U.S. Securities and Exchange Commission (SEC) in December, sadly, it didn't receive the green light by February, causing Bally’s to return investors' dough and pause the Initial Public Offering (IPO).
Fast forward to April, Bally’s revised the IPO criteria, removing the race and gender barriers but still favoring local Chicago and Illinois residents. A federal lawsuit filed by the American Alliance for Equal Rights (AAER) and two pale, male investors accused the company of racial discrimination under federal civil rights laws. After settling the suit, Bally's dropped the exclusive investment criteria [1].
The Big Picture
The legal challenge and the SEC's delay under the Trump-led administration hindered the plan as initially proposed, eventually leading to the removal of the criteria. The current situation freshens up the city of Chicago and the Illinois Gaming Board's involvement in the agreement.
Tie one on for Mayor Lightfoot, who championed these economic inclusion measures during her tenure!
Stay Tuned!
Stay locked for more inside stories like this and remember—when it comes to sports betting, I've got you covered, 24/7! Cheers!
[1] Source
Despite the initial plans focusing on women, Black, and disadvantaged groups for exclusive ownership stakes in Bally's Corporation's Chicago casino project, a federal lawsuit filed by the American Alliance for Equal Rights and two investors accused the company of racial discrimination. Following the settlement, Bally's decided to drop the exclusive investment criteria, making it accessible to local Chicago and Illinois residents as well as online, inviting individuals to engage in sports betting, online casino games like blackjack, and finance their gaming experience in the revamped gambling empire.
