Bally’s has received another credit downgrade from a key Wall Street ratings agency, dealing the latest tough card to the corporation behind Chicago’s casino.Fitch Ratings cited “execution risk in the development of the Chicago projects" along with high debt and other issues for the Rhode Isla nd-based gaming company while lowering their rating from B to B- in a decision announced Friday.Fitch analysts say Bally’s “should have sufficient funding to complete” their $1.7 billion permanent casino at 777 W. Chicago Ave., which is supposed to open in September 2026.But potentially lowering Bally’s odds of maxing out their River West jackpot are “a saturated Chicago gaming market, the higher-than-average gaming tax rate, and the typical ramp-up of a new casino development,” according to Fitch, which downgraded the company last year, too.All three major Wall Street ratings agencies have dinged Bally’s since it landed the Chicago casino license in 2022. Lower credit ratings make it more expensive for companies to borrow money.Bally’s locked up $940 million in private financing last year to close a massive construction funding gap. But their plan to raise $250 million through an initial public offering — limited to investors who are women or from minority backgrounds — has failed to land approval from the U.S. Securities and Exchange Commission.Bally’s has started selling $195 million in private shares as it seeks to shore up funding. The company is still trying to revive the minority investment program, which it’s required to implement under the host city agreement it first signed with former Mayor Lori Lightfoot’s office.Plaintiffs backed by conservative groups have sued to block the program, claiming it discriminates against white male investors. Two lawsuits are pending.Bally’s could eventually get a rating upgrade if it gets “[r]esolution on Chicago funding commitments,” among other measures, according to Fitch.A Bally’s spokesperson didn’t respond to a request for comment. Neither did Mayor Brandon Johnson’s office, which is relying on the casino to start churning out more tax revenue for the city’s police and fire pension funds.Bally’s has emerged as one of the Illinois’ top casino draws, welcoming its 2 millionth visitor last week since opening their temporary casino in 2023 at the historic Medinah Temple, 600 N. Wabash Ave.But it hasn’t come close to revenue projections set by the city. With new competition from a freshly opened south suburban casino, Bally’s made less than $8.8 million at Medinah in February, its worst monthly showing in more than a year, according to Illinois Gaming Board records.In the company’s annual report released March 5, Bally’s CEO Robeson Reeves acknowledged the temporary Chicago casino returns “remain below our expectations, though we are hearing from customers that they are increasingly excited by what is starting to happen a few blocks northwest at the permanent site.”Bally's is seeking a property tax break that could potentially save the gaming giant nearly $300 million over 10 years. A proposed ordinance for that incentive has stalled in the City Council Rules Committee. ...read more read less