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Las Vegas resort operator interested in proposed Chicago casino
By Bryan Horwath (contact)
Updated Wednesday, March 10, 2021 | 11:38 a.m.
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Lightfoot said a casino would be part of a larger entertainment complex, which would fit with how Las Vegas resort operators have shifted in recent years to focus more on entertainment and experiences for visitors. No area of Chicago has yet been selected for the new casino, she said.
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Originally, the effective tax rate for an operator would have been over 70%, according to industry analytic firm Union Gaming. Lawmakers reduce the projected effective tax rate top about 40%.
The 40% rate would still be about six times the tax rate on gaming in Nevada.
“You can still make money at that 40% tax rate — the Chicago license is among the best casino-resort development opportunities right now,” said Grant Govertsen, principal of Union Gaming. “We’ll see who submits for the RFP, but it really could be just about anybody. I don’t think Caesars or Penn National would have a lot of interest, though. Penn National already has some exposure to the Chicagoland area with some suburban casinos.”
Govertsen said a new Chicago resort could cut into future visitation patterns for Chicagoland residents to Las Vegas.
With a metro area of more than 9 million people, Chicago is one of the most populated cities in the country. Only New York City and Los Angeles are bigger.
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In 2019, Las Vegas welcomed more than 42 million visitors, according to the Las Vegas Convention and Visitors Authority. About
815,000 visitors flew in from Chicago, which ranked
behind only Los Angeles and San Francisco.
“At the margin, yes, there could be some lost business for Las Vegas,” Govertsen said. “By and large, though, as casinos have proliferated across the U.S., that’s generally grown the pie more than it has split up the pie. Whether it’s tribal casinos in California or riverboats in the Midwest, Las Vegas has continued to thrive.”