Bally’s is a colorful name in Chicago’s corporate history

As Bally’s operates the temporary location of Chicago’s first casino, it represents a homecoming of sorts for a trailblazing corporate banner with nearly a century of high-profile endeavors.

This is not, however, your grandfather’s Bally’s.

Bally’s, which is looking to build a $1.74 billion casino in the River West neighborhood, is a storied name with deep Chicago roots. The name was purchased in 2020 by a publicly traded Rhode Island company, which owns and manages 14 casinos across 10 states.

Acquiring the Bally’s name gave the hedge fund-controlled company, formerly known as Twin River Holdings, instant credibility as it opportunistically assembled its casino portfolio during the pandemic and bested two other finalists to get the nod as Chicago’s casino.

The name also imbues the rebranded casino company with a colorful and complex history that includes multiple bankruptcies, brushes with the mob and credit/blame for unleashing Pac-Man fever on the nation during the…