Chicago’s new casino is a gamble in more ways than one – The Financial Times

"The wisdom of the share sale is dubious. The securities — which are of equal seniority but come in various classes with different price points — cannot be easily sold in the private market. Dividends may not be forthcoming, since lenders have priority claims on the casino’s cash flow. The project is further complicated by a so-called OpCo-PropCo structure, where Bally’s will lease the underlying land from a third party trust."