RIVER WEST — After months of speculation, Bally’s Chicago has released new plans for a 500-room hotel in addition to securing financing to build the $1.7 billion permanent Chicago casino complex in River West.

The $950 million financing deal, announced Friday, is with Gaming and Leisure Properties, a Pennsylvania-based real estate investment trust, fulfilling an $800 million funding gap that has loomed over the project.

The 30-acre casino plan at the former Tribune Publishing site has faced many challenges. Most recently, Bally’s was tasked with relocating the casino’s massive 400-room hotel tower after officials discovered construction could damage existing city infrastructure.

On Friday, Bally’s also released renderings for its redesigned 500-room hotel tower, which has been moved from the north side of the casino site to the south.

Officials would not say Friday exactly how tall the 34-story hotel is going to be, but renderings show the building towering over the Chicago River with a Bally’s logo at the top.

“We’ve been working hard in the background to restore the full hotel tower for Bally’s Chicago Casino and absolutely intend to meet the September 2026 opening date as planned,” George Papanier, president of Bally’s Corporation, said in a statement.“We are also happy to announce that Gaming and Leisure Properties has agreed to finance this entire development in a single phase to ultimately deliver a better project in a more efficient manner.”

Bally’s is tied to a community host agreement that says the company must build 500 hotel rooms and spend $1.7 billion on the development.

The original casino design plan included a 100-room hotel at the casino’s base near the Chicago River, with 400 additional hotel rooms planned to be built inside a tower within five years of the permanent casino’s opening.

The new plan released Friday shows Bally’s plans to instead build all 500 hotel rooms at once. The plan still needs approval from the city’s planning department.

“The improved site plan for Bally’s Chicago delivers all 500 hotel rooms upfront as part of a single-phase development plan, protects all essential infrastructure, and elevates the grandeur of our much-anticipated permanent casino development,” said Christopher Jewett, senior vice president of corporate development at Bally’s Corporation. “We look forward to working with city officials to secure approval of our revised site plan.”

On July 5, Bally’s took possession of the former Tribune Publishing site at 777 W. Chicago Ave. and started preparing for demolition, according to a news release.

Demolition of the Chicago Tribune’s Freedom Center could take five months with crews working 12 hours a day, seven days a week, officials said at a community meeting last month.

Bally’s Casino has five demolition permits for the Freedom Center under review, one for each structure on the property.

The demolition of the Freedom Center has been categorized as an “environmentally complex” demolition, which means the Chicago Department of Public Health will need to review and inspect the site for potential health and environmental impacts.

If the site passes inspection, the health department will give approval for the Department of Buildings to issue the demolition permits.

Once approved, demolition will be scheduled 8 a.m.-8 p.m. daily, in compliance with the Chicago Noise Ordinance.