Bally's Chicago subsidiary enters $940M development agreement with GLP Capital for permanent casino

Bally's Corp

GLP commits up to $940M in development advances for permanent casino construction in Chicago.
Annual rent under amended ground lease: $20M plus 8.5% of total advances; 15-year initial term with four 5-year renewals.
Development advances must be used solely for hard costs; GLP has approval rights over plans, budget, and contracts.
Cross-default provisions with existing Bally's master leases; GLP can terminate lease upon default.
Bally's Chicago OpCo cannot assign interests without GLP consent; transferee must meet financial and operational criteria.

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