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Chicago's long-running casino project hit a visible turning point Thursday, as Bally's raised the final steel beam on its permanent riverfront complex, bringing the structure up to full height after years of delays.
From delays to progress: a project years in the making
The moment unfolded at the former Freedom Center printing site, a 30-acre property in River West now being reshaped into a $1.7 billion entertainment destination along the Chicago River. Bally's Chairman Soo Kim acknowledged the uneven path to reach this stage, telling those gathered, "We had some fits and starts. We're going to be done early next year. We're excited to finish it all up." A mix of current and former city leaders attended, including Mayor Brandon Johnson and former Mayor Lori Lightfoot, alongside hundreds of construction workers standing among cranes and active machinery.
What the $1.7 billion development will include
With the topping-off complete, the project's core structures now stand fully upright. That includes a 34-story hotel tower and the main casino building. Plans call for a 500-room hotel, a 3,000-seat theater, an exhibition hall, 10 restaurants, and 4,000 gaming positions, making it the largest casino in Illinois.
Opening timeline pushed to 2027
Chicago picked Bally's in 2022 after a competitive bid, originally targeting an early 2026 opening. That timeline slipped as the project ran into multiple issues. Demolition was paused after debris spilled into the river, and regulators later halted work due to an unauthorized waste hauler. Engineers also forced a redesign when foundation plans raised concerns about nearby water infrastructure, prompting the relocation of the hotel tower. Bally's now says the permanent site should open in the first quarter of 2027, aligning with a revised state deadline that allows operations at the temporary Medinah Temple casino through September of that year.
Bally's growth strategy and financial momentum
The Chicago development comes as Bally's reports stronger financial performance tied to expansion efforts. The company recently posted a jump in quarterly revenue, driven in part by growth across its casino portfolio and ongoing investments in major projects like Chicago. That broader momentum has helped position the riverfront development as a centerpiece of its long-term strategy.
Economic stakes for Chicago
For Chicago, the financial expectations remain high. The temporary casino generated $15.9 million in local taxes last year, falling short of projections. Officials are counting on the permanent complex to bring in more than $100 million annually.
"The casino, the hotel, entertainment venue and restaurants are anticipated to generate more than $100 million in new revenue every year," Johnson said. "The revenue will support our police and fire pensions and our ongoing efforts to build a more equitable, safe and affordable Chicago where every community has the opportunity to thrive."
Rising casino competition across Illinois
Competition across Illinois has intensified, with new and expanded casinos opening statewide. Kim said Bally's is aiming to draw visitors well beyond the region.
I think this is a game changer," Kim said. "The city wanted a facility that would actually compete… for the 50 million-plus tourists that come to Chicago. There's nothing like this in the Chicagoland area."
A long-term legacy for the city
As the signed beam topped with an American flag was lifted into place, Lightfoot reflected on the project's long-term impact. "This is so important to the financial future of our city, which is why I personally fought so hard to make this happen," Lightfoot said. "It's not like birthing a child, but it's pretty damn close. This is a lasting legacy for the city."
Featured image: Max Bender/Unsplash
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The U.S. Senate has moved quickly to prohibit its own members from trading on prediction markets, citing growing concern over insider advantages and ethical gray areas tied to the fast-expanding platforms. In a unanimous April 30 vote, lawmakers approved a rule barring senators, staff, and Senate officers from participating, with immediate effect.
Rising scrutiny over prediction market access
Pressure had been building as watchdogs and policymakers raised concerns that access to sensitive or nonpublic information could provide an unfair edge in markets where users trade on real-world outcomes such as elections and geopolitical events. Even indirect insights into policy or global developments could translate into profitable positions.
Bipartisan push gains momentum
Sen. Bernie Moreno led the bipartisan effort, arguing the measure is necessary to maintain public trust. Lawmakers across party lines have increasingly warned about the risks of combining public service with speculative financial activity in fast-moving markets.
Broader regulatory efforts take shape
The Senate's move aligns with a wider push in Washington to tighten rules around financial activity by public officials. Concerns over congressional stock trading have persisted for years, and prediction markets are emerging as a new focal point. A bipartisan House proposal is already being developed to extend similar restrictions.
States and industry respond to pressure
Beyond Congress, Kathy Hochul has backed restrictions aimed at preventing state employees from engaging in insider-style trading on prediction platforms.
Meanwhile, companies like Kalshi and Polymarket say they already prohibit insider trading and have implemented safeguards to limit conflicts of interest.
Regulatory uncertainty continues
Regulators, including the Commodity Futures Trading Commission, are still determining how to classify and oversee prediction markets, which blur the line between financial exchanges and gambling products. As the sector grows, the Senate's action marks a clear signal that lawmakers are prepared to impose stricter boundaries between public duties and private financial activity.
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New York is kicking off a broad, decade-long study to better understand how people across the state gamble and where support systems may be falling short. Governor Kathy Hochul says the effort is meant to bring clearer insight into addiction risks and how services can respond.
Statewide study aims to track gambling behavior over time
The project will reach adults 18 and older in every region, using surveys, interviews, and focus groups to paint a detailed picture of gambling habits, awareness, and addiction rates. The New York State Office of Addiction Services and Supports will run the study, and officials say the findings will directly shape prevention and treatment programs in the years ahead.
New York State remains committed to helping those impacted by problem gambling, which can affect anyone, regardless of age or where they live," Governor Hochul said. "We look forward to gaining valuable insight into the gambling behaviors of New Yorkers as part of this effort, as we continue to work to raise awareness of this issue. This effort will help ensure we're using real data to guide smart, targeted investments that protect New Yorkers and strengthen access to care."
Researchers plan to follow trends over time, looking closely at how gambling affects different communities and where gaps in outreach or care may exist. Broader research has already shown that gambling can carry significant financial and psychological risks, particularly among high-frequency users.
Expansion of legal gambling drives urgency for research
State leaders point to the rapid growth of legal gambling, including mobile sports betting, as a key reason for launching such an extensive study now. As options expand, they say, so does the need to identify risks early and make sure services keep up.
"As gambling opportunities continue to expand in New York State, we need to be proactive and determine where additional services may be needed to help those affected by gambling addiction," said Office of Addiction Services and Supports Commissioner Dr. Chinazo Cunningham. "The results of this effort will help to inform future plans and initiatives, ensuring that New Yorkers remain protected from gambling harms, and that those impacted are able to access the services they need."
OASAS to use findings to shape treatment and prevention
The research will also help guide planning across prevention, treatment, harm reduction, and recovery programs. OASAS already oversees inpatient and outpatient care, recovery centers, and peer support networks. Regional Problem Gambling Resource Centers provide local help, while partnerships offer financial counseling for people dealing with gambling-related debt.
Existing support systems and public awareness efforts
Public awareness has been another focus, including the state's "Take a Pause" campaign, which encourages residents to reflect on their gambling habits and seek help when needed.
Research also highlights that certain groups, such as younger adults and students, may face elevated risks, reinforcing the need for targeted education and early intervention.
Stronger regulations and safeguards under consideration
At the policy level, oversight is also tightening. In her 2026 State of the State address, Hochul directed regulators to strengthen protections for young people and examine new tools to flag risky behavior.
That includes proposals already under discussion to curb underage betting and limit how platforms use artificial intelligence in gambling environments, as previously reported in New York's push to curb youth online gambling.
"As we've seen gambling opportunities increase, so has our responsibility to ensure that those facing gambling harms have prompt access to help," said Gaming Commission Chair Brian O'Dwyer. "This survey will help direct resources where they are needed most and help guide future gaming policymaking to ensure that New York State always prioritizes responsible gambling practices."
Long-term study reflects growing concern over gambling impact
Lawmakers say the long-term study reflects a growing recognition that as gambling becomes more common, understanding its impact is essential. Other research has shown that gambling-related harms can affect a wide range of demographics, including older adults, underscoring the importance of long-term data collection and targeted support strategies.
Featured image: Canva
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New York City's gambling landscape shifted in a major way this week as a long-running slots venue in Queens officially transformed into the city's first full casino with live table games.
The expanded Resorts World New York City, located near Aqueduct Racetrack and John F. Kennedy International Airport, opened Tuesday with a ceremonial dice roll and a newly built gaming floor featuring more than 200 live-dealer tables. Blackjack, craps, baccarat and roulette are now available alongside more than 2,500 slot machines already operating at the site.
The opening marks the first time traditional table games have been offered within New York City limits, a milestone for a market that had previously required gamblers to travel upstate or to neighboring states for that experience.
The Queens facility has operated for more than a decade as a "racino," offering only slot-style video lottery terminals. Its transition to a full-scale casino follows the awarding of new downstate gaming licenses, positioning Resorts World as the first of three approved projects to begin operations. Other planned casino developments in Queens and the Bronx remain years away.
A bigger vision taking shape
Company officials say the launch is just the first phase of a much larger plan. The operator, Genting Americas East, has outlined a $5.5 billion expansion that would turn the site into a full resort destination. Plans include a hotel, additional gaming space, restaurants, a 7,000-seat entertainment venue and more than a dozen acres of public green space.
With our planned $5.5 billion expansion, this is only the beginning of something much bigger for Resorts World and for New York," said Robert DeSalvio, president of Genting Americas East, according to the Associated Press.
NYC's casino competition begins to take shape
The opening ceremony drew local officials and public figures, including rapper Nas, who joined executives in rolling the first dice to mark the launch.
The project arrives as New York pushes to expand legalized gambling in the downstate region. State regulators approved three casino licenses in late 2025, aiming to generate tax revenue and economic activity while bringing casino-style gaming closer to the city's population.
For now, Resorts World has a significant head start. Competing proposals, including an $8.1 billion casino complex near Citi Field and a $4 billion development in the Bronx, are still in earlier stages and are not expected to open for several years.
Queens casino takes early lead in downstate rollout
That timing gives the Queens casino a unique window as the only full-service gaming venue in the nation's largest city. Company leaders say more table games and slot machines will be added later this year as operations ramp up.
The debut marks a turning point for New York City, where full-scale casino gambling has long been debated but is now becoming a reality.
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A U.S. Army Special Forces soldier has pleaded not guilty to federal charges accusing him of using classified knowledge to profit on a prediction market, a case that is drawing fresh scrutiny to how insider information can be exploited in emerging betting platforms.
Gannon Ken Van Dyke, 38, entered his plea Tuesday in Manhattan federal court. Prosecutors say he used nonpublic details tied to a U.S. mission targeting Venezuelan leader Nicolás Maduro to guide bets on Polymarket, an online platform where users wager on real-world outcomes.
According to the charges, Van Dyke turned roughly $33,000 in wagers into more than $400,000 by betting on developments linked to Maduro's removal from power. Investigators say his role in planning the operation gave him access to sensitive timelines and likely outcomes before they became public.
Case centers on classified information and betting
Federal prosecutors have brought multiple counts, including theft of government information, commodities fraud, wire fraud and unlawful financial transactions. They say the case will lean on a wide range of evidence, from cryptocurrency exchange records to social media activity and materials obtained through search warrants and subpoenas.
Authorities contend the bets were placed shortly before key developments in a covert operation carried out between late 2025 and early 2026, which ultimately led to Maduro's capture. Van Dyke has been released on $250,000 bail with travel restrictions tied to his work and residence. A pretrial conference is set for June.
First major insider trading case in prediction markets
The case stands out because it is the first criminal prosecution centered on insider trading in prediction markets filed by the DOJ, marking a significant expansion of how U.S. authorities apply fraud and commodities laws.
These platforms, including Polymarket, allow users to trade on the likelihood of events, functioning in ways that can resemble financial markets but with looser historical oversight.
Platforms and regulators step up oversight
Polymarket itself prohibits trading based on nonpublic, market-moving information and says it monitors for suspicious activity. In this case, officials say the platform flagged the betting patterns and alerted authorities, highlighting growing industry efforts to police misuse.
At the same time, regulators are beginning to respond more aggressively. Legal experts say the case underscores that prediction markets are not exempt from insider trading rules and that existing laws can be applied to the misuse of confidential information in these environments.
Growing concerns about insider trading risks
Experts say insider trading in prediction markets works similarly to traditional financial markets: someone with advance knowledge of an event can place bets before the information becomes public, locking in profits once the outcome shifts market prices. The rapid growth and often pseudonymous nature of these platforms have made enforcement more challenging, raising concerns about potential loopholes and market integrity.
Van Dyke has not commented publicly beyond his plea. As the case moves forward, it is expected to test how existing fraud and securities-style laws apply to this fast-growing corner of online wagering.
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