JUE 28 DE MARZO DE 2024 - 15:49hs.
Third largest metro area in the US

Chicago moves forward with its project to install casinos

Mayor Lori Lightfoot took the next step in the push for a Chicago casino, putting out a request for gambling operators and real estate developers to submit plans about how they would build and run what is expected to be a gigantic betting venue in the city. This is the expected move after lawmakers came through with the changes to the casino tax structure the Mayor wanted to the legislation that allowed a gambling hall in the city.

The request for information asks applicants to talk about their thoughts on operating a temporary casino while a permanent one is under construction, and asks them to weigh in on what factors the city should prioritize for the location of the casino, including how many acres of land will be required.

It also asks about additional tourist amenities, and what impact the COVID-19 pandemic likely will have on the development of the casino.

“After securing favorable legislation that had eluded us for decades, Chicago can finally pursue a once in a generation opportunity to bring a casino to our city, generating hundreds of millions in new gaming revenues to shore up the City’s pension obligations and drive huge levels of infrastructure funding in Illinois as well as creating thousands of new and much needed jobs for local residents,” Lightfoot said.

After legislators approved the Chicago license in 2019, Lightfoot said she would have preferred a city-owned casino but cast the legislation as a win after decades of inaction in Springfield.

A subsequent study found that the original tax structure was “very onerous” and that the five sites the Lightfoot administration identified on the South and West sides weren’t viable because they wouldn’t attract enough tourists, leading to low single-digit profit margins, at best, for any operator.

The casino study pointed to the merits of a downtown location close to hotels and other attractions, instead of in outlying neighborhoods that out-of-towners with money to spend might deem unsafe.

Chicago is the third largest metro area in the US with 9.5 million residents and represents the largest untapped gaming opportunity in the country, Lightfoot said.

The city’s request for information is the first step in the process to select a developer.

Source: GMB / Chicago Tribune