Construction on Bally's Chicago is inching ahead

Bally's has released new construction plans for its permanent casino.

Why it matters: Bally's says the planned 34-story hotel tower will be built on the south end of the former Tribune printing plant site, closer to Ohio Street, and be constructed in one phase rather than two.

Driving the news: Bally's took control of the property at Chicago Avenue and Halsted Street on July 5.

• Brandenburg Industrial this week started prepping the site for demolition.

Flashback: The casino giant was forced to adapt plans for the hotel earlier this year after learning construction could damage city water lines.

State of play: The permanent casino plans include a 500-room hotel tower, 3,000-seat theater, six restaurants, cafes, a food hall and a 2-acre public park.

• The casino will have space for more than 3,300 slots, 173 table games and VIP gaming areas.

Follow the money: Bally's also announced Friday that the $940 million project will be funded by Gaming and Leisure Properties, Inc., a publicly traded company that invests in casino real estate.

• "The City is pleased with this development concerning the financing and construction of Bally's Permanent Chicago Casino," Mayor Brandon Johnson said in a statement Friday. "We look forward to reviewing the updated plans and proceeding through the review process with the Department of Planning and Development."

By the numbers: Bally's temporary casino at the Medinah Temple in River North brought in about $10.4 million in June, down from $11.7 million in May, according to the Illinois Gaming Board.

What's next: The demolition is expected to take five months and Bally's says they're on track to open the permanent casino in 2026.