Bally's accepts $4.5B buyout from chairman's hedge fund, impact on Chicago casino unknown

Bally's has accepted a buyout offer from its largest shareholder for more than $4.5 billion.

Please note: The above video is from a previous report

Standard General, a hedge fund led by Bally's Chairman Soo Kim, will buy the remaining shares of the company, which will keep it publicly traded.

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The buyout was announced as Bally's works to build a new casino along the Chicago River. It is also currently operating a temporary casino at the Medinah Temple in River North.

Two weeks ago, the company revealed new renderings of the planned casino after saying it secured funding for the complex. 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.

READ MORE | Bally's lays out new plans for hotel on top of Chicago casino

The Illinois Gambling Board said they are aware of the buyout and are reviewing it. There is no word on whether this will have any impact on the permanent Chicago casino.