This race-based stock offering is illegal, and this court should declare it as such,” the federal lawsuit by a conservative legal group on behalf of two Texas residents reads.

Bally’s Corp. and the City of Chicago were accused of discriminating against White men in a lawsuit by a conservative legal group challenging a $1.7 billion casino project that offered a 25% ownership stake only to women and people of color.

Bally's officials estimate its Chicago casino could generate up to $1.2 billion in revenue annually. But if the casino doesn't open or it folds, investors would lose all their money, according to investment documents.

Bally's announced a $250 million public offering last month for shares of their massive Chicago casino project, but only to women or people of color. That's according to terms of the company's agreement with the city — which opponents call an illegal "race-based stock offering.