By: Mark Glennon*
Bally’s Chicago, Inc. says it has not yet received clearance from the U.S. Securities and Exchange Commission (SEC) to price and close its initial public offering for shares in its Chicago project. “Consequently, prospective investors may seek to withdraw any amount deposited” into their accounts established to purchase shares. That’s according to an email sent to a prospective purchaser, which is reproduced below.
As we’ve written before, the share offering is open only to women and minority members. I am a plaintiff in my personal capacity in one of at least two pending lawsuits alleging illegal discrimination. The email below went to a prospective purchaser who is a member of a racial minority.
Bally’s initially intended to close the sale on February 7, but apparently intends to try again later. From a Chicago Tribune article on this new development:
The casino is refunding those initial deposits and will go back to the drawing board to recruit women and minority participants for an updated offering, Bally’s Chairman Soo Kim told the Tribune.
“It was disappointing for the SEC to not respond,” Kim said Thursday. “We’re going to come back. We’re going to update our financials and resubmit, but we don’t know why they didn’t respond the first time, and they may not respond the second time.”
Further background is in our articles linked here:
- No White Men Allowed in Bally’s Chicago Casino Share Offering Promoted by City Officials
- Lawsuit filed by Mark Glennon against City of Chicago, Mayor Johnson and Bally’s alleges blatant discrimination
- Update on discrimination lawsuits against Bally’s Chicago and City of Chicago
*Mark Glennon is founder of Wirepoints.
Email from Bally’s Chicago, Inc. to a prospective investor:
Audio and summary 
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
Congrats Mr. Glennon.
Anything requiring Illinois or Chicago government approval or involvement is by definition corrupt.
Maybe white males should avoid going to Bally’s.
So many bad financing ideas out of Chicago.
Just, ugh.
The damage has already been done.