Black residents in Chicago, IL, will be able to invest their dollars in its first casino.

The TRiiBE reports locals gathered for an information session hosted by City Treasurer Melissa Conyears-Ervin and members of the Chicago Aldermanic Black Caucus to buy shares in Bally’s Casino, a $1.6 billion project in the 21st Ward that will also feature a hotel, a 3,000-seat theater, and a Riverwalk extension to Chicago Ave.

A requirement for the casino is that at least 25% of the investment must come from minorities and women.

“Tonight is about a new opportunity on how to participate, about not just being a consumer but to be an owner,” Ald. Ronnie Mosley (21st Ward) said at the pulpit of Third Baptist Church, according to the outlet.

Conyears-Ervin added: “Remember when they legalized marijuana a few years ago? We knew that we were the community that was affected the most by it, but we felt that we did not have access to being owners. Well, this, ladies and gentlemen, is quite different.”

As for the conditions for residents interested, there will be 10,000 shares available at $25,000 each. However there are different offer structures that would require less stake to purchase, including an option that only requires $250 to start with a $24,750 loan.

“That loan is not recourse, meaning that you are not responsible for it,” said Sidney Dillard, head of the Corporate Investment Banking Division at Loop Capital, who is involved in the deal as an underwriter.

According to the outlet, those who choose to invest won’t be required to make the monthly loan payments, but rather the dividends from their share would cover the cost until the loan is paid off with an 11% interest rate. Once the loan is paid back, the investor would then start receiving profits from their investment. An additional benefit is that the loan is not reported to a person’s credit and is not based on their credit score, says Dillard. Shares were made available for purchase at the end of December 2024.

The four investment options are:

  • Class A-4 (Paying the full $25,000)
  • Class A-3 ($5,000 up front with a $20,000 loan)
  • Class A-2, ($2,500 up front investment with a $22,500 loan)
  • Class A-1 tier ($250 up front with a $24,750 loan)

“It’s so many ways you can invest. I mean, to go from $250 all the way to $25,000, I mean, if you don’t have any money and all you have is $250 and they let you in,” Auburn Gresham resident Carla Lennan explained. “That’s, like, a no-brainer for me, and then it’s a no-recourse loan, so therefore you’re not liable for it if it [the project] doesn’t go through.”

For those interested, details are available on the project’s website here. The deadline to invest is Jan. 31, 2025.

The casino is projected to open its doors in September 2026, and the hotel will follow one year later.