The site plan includes a 500-room, 34-story hotel tower at the former Tribune Publishing site, pending approval from the Chicago Department of Planning and Development, a news release from the casino company said.
The tower would be on the southern end of the casino development near Ohio Street along the Chicago River.
READ MORE | Bally's lays out new plans for hotel on top of Chicago casino
Earlier this year, the hotel tower was moved due to the possible damage of underground water pipes, and an adjusted design for a two-phase hotel was approved.
The plans now call for the casino and hotel to be built together as one project.
"We've been working hard in the background to restore the full hotel tower for Bally's Chicago Casino and absolutely intend to meet the September 2026 opening date as planned," Bally's Corporation President George Papanier said in a statement. "We are also happy to announce that Gaming and Leisure Properties has agreed to finance this entire development in a single phase to ultimately deliver a better project in a more efficient manner."
Gaming and Leisure Properties expects to give Bally's $2.07 billion in funding, the release said.
In a statement Friday, Mayor Brandon Johnson said, "The City is pleased with this development concerning the financing and construction of Bally's Permanent Chicago Casino. We look forward to reviewing the updated plans and proceeding through the review process with the Department of Planning and Development."
On July 5, Bally's took possession of the site, located at 777 W. Chicago Ave., and preparation for demolition has begun, Bally's said.
Last month, a report suggested Johnson had some reservations about the project.
But Bally's said it has continued full steam ahead.
In May, Bally's reported the highest monthly revenue from its River North temporary facility since it opened in September.
The mayor's office downplayed concerns about Johnson's support of a permanent casinos, saying, "The city is pleased that Bally's has reached its highest revenue numbers so far, and continues to be committed to the permanent casino project."