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View Poll Results: Which Chicago casino proposal is your favorite?
Ballys at Tribune 28 18.67%
Ballys at McCormick 8 5.33%
Hard Rock at One Central 11 7.33%
Rivers at The 78 82 54.67%
Rivers at McCormick 21 14.00%
Voters: 150. You may not vote on this poll

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  #1521  
Old Posted Dec 12, 2022, 7:04 PM
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Approved by the plan commission.
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  #1522  
Old Posted Dec 12, 2022, 9:54 PM
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Awesome! So what's the next step?
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  #1523  
Old Posted Dec 12, 2022, 10:04 PM
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Originally Posted by KWillChicago View Post
Awesome! So what's the next step?
From Crain’s: “The City Council months ago awarded the casino to Bally’s but only now is approving needed zoning. If the full council approves, the casino then only will need signoff by the Illinois Gaming Commission.”
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  #1524  
Old Posted Dec 15, 2022, 12:49 AM
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https://therealdeal.com/chicago/2022...source=twitter

Bally’s wins final Chicago City Council zoning for casino
Gambling company’s $1.7 billion project set to move forward in River West
Chicago /
December 14, 2022 02:44 PM
By Rachel Herzog

Quote:
Bally’s notched a win Wednesday as the firm secured final Chicago City Council zoning approval to build a $1.7 billion casino on the 30-acre Tribune Publishing Center site in River West.

Though the council approved an ordinance and community agreement for the casino in May, the project had to go back through the zoning committee due to changes to the original plan.
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The vote was 39-5, with one alderman recusing and two absent and three recorded as not voting.
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The casino still needs approval from the Illinois Gaming Board.
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  #1525  
Old Posted Dec 15, 2022, 2:12 AM
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Is the Illinois Gaming Board the most difficult hurdle or should this be a pretty easy leap?
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  #1526  
Old Posted Dec 15, 2022, 4:27 PM
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I figure its probably more or less a rubber stamp, since the legislature already approved a casino license for the city years back. Unless something is egregiously wrong with Bally's proposal, for one reason or another. Someone smarter than me on this topic please correct me if I'm wrong.

Here is to hoping the board moves quickly and gives its final approval
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  #1527  
Old Posted Dec 15, 2022, 5:35 PM
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The Gaming Board already has a working relationship with Bally's. When Bally's acquired Jumer's Casino in Rock Island in June, 2021, it only took about three months to get the transfer approved, and it was renamed Bally's - Quad Cities. That might be, in part, because Bally's hung onto a lot of Jumer's employees who has already gone through the IGB gauntlet.

Bally's has other business before the Board at present, as they attempt to get the OK for an online sports betting concession in the state.

But the Board can work as quickly or as slowly as it chooses, as evidenced by the interminably long time it took for them to approve the Waukegan and south suburban licenses.
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  #1528  
Old Posted Dec 15, 2022, 5:43 PM
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Quote:
Originally Posted by BVictor1 View Post
https://therealdeal.com/chicago/2022...source=twitter

Bally’s wins final Chicago City Council zoning for casino
Gambling company’s $1.7 billion project set to move forward in River West
Chicago /
December 14, 2022 02:44 PM
By Rachel Herzog
Nice to see things slowly moving forward. I will say - I'm really glad the McCormick proposals didn't go through. I'm at a conference down there this week, and while the convention center is nice, it feels very isolated in that neighborhood. Yes, Metra is there, but the Green Line is just as far (if not further) to the center as the Blue line is to the Bally's site. There's hardly much in the way of food/bars/etc. I wasn't super into this proposal during the vetting process, but it's really grown on me.
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  #1529  
Old Posted Dec 21, 2022, 10:38 PM
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A Crain's article today had a different rendering of the casino complex with a dumbed-down base and a clunky rectangular tower instead of the elliptical one.

Anyone know if there has been a design change/bait-and-switch, or is this just an old rendering? The Crain's article also has a 2nd rendering that does show the better base design and elliptical tower, so it's a bit confusing.

For what it's worth, the presentation from Plan Commission meeting on Dec 5 showed the better design, so I hope that is the authoritative version:
https://www.chicago.gov/content/dam/...C_PD_draft.pdf
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  #1530  
Old Posted Dec 21, 2022, 11:14 PM
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The box design looks like the original version from last Spring. Guessing that’s old. Same with that giant window into the auditorium. I seem to remember that originally
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  #1531  
Old Posted Dec 22, 2022, 5:44 PM
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Renovation building permit was issued yesterday to convert Medinah Temple to a casino. Estimated cost of $35M listed on the permit.
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  #1532  
Old Posted Dec 22, 2022, 6:59 PM
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Quote:
Originally Posted by ardecila View Post
A Crain's article today had a different rendering of the casino complex with a dumbed-down base and a clunky rectangular tower instead of the elliptical one.

Anyone know if there has been a design change/bait-and-switch, or is this just an old rendering? The Crain's article also has a 2nd rendering that does show the better base design and elliptical tower, so it's a bit confusing.

For what it's worth, the presentation from Plan Commission meeting on Dec 5 showed the better design, so I hope that is the authoritative version:
https://www.chicago.gov/content/dam/...C_PD_draft.pdf
I assume it's an error on the part of the reporter working off outdated renderings from an older article.
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  #1533  
Old Posted Feb 12, 2023, 9:58 PM
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lol.... so the hedge fund that owns Tribune Publishing and is leasing the building on the casino site recently extended their lease by another 10 years and is playing hardball on any relocation. They have an option to extend their lease by a further 10 years as well. Looking for their payout $$$.

I wouldn't be surprised if the Medinah Temple just ends up being the permanent casino given Bally's less than stellar financial situation.
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  #1534  
Old Posted Feb 13, 2023, 12:09 AM
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Quote:
Originally Posted by ardecila View Post
A Crain's article today had a different rendering of the casino complex with a dumbed-down base and a clunky rectangular tower instead of the elliptical one.

Anyone know if there has been a design change/bait-and-switch, or is this just an old rendering? The Crain's article also has a 2nd rendering that does show the better base design and elliptical tower, so it's a bit confusing.

For what it's worth, the presentation from Plan Commission meeting on Dec 5 showed the better design, so I hope that is the authoritative version:
https://www.chicago.gov/content/dam/...C_PD_draft.pdf
The Crain's link is the old/original version.
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  #1535  
Old Posted Feb 13, 2023, 12:10 AM
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Originally Posted by Kngkyle View Post
lol.... so the hedge fund that owns Tribune Publishing and is leasing the building on the casino site recently extended their lease by another 10 years and is playing hardball on any relocation. They have an option to extend their lease by a further 10 years as well. Looking for their payout $$$.

I wouldn't be surprised if the Medinah Temple just ends up being the permanent casino given Bally's less than stellar financial situation.
Source?
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  #1536  
Old Posted Feb 13, 2023, 12:14 AM
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Originally Posted by sentinel View Post
Source?
https://www.chicagobusiness.com/comm...ys-casino-plan

Quote:
As Bally's seeks the Illinois Gaming Board's blessing to develop a massive casino and entertainment complex along the North Branch of the Chicago River, the gambling giant is grappling with what may be a trickier hurdle: A hard-charging hedge fund that is said to be digging in its heels on a deal to vacate the site.

Still at issue—and becoming a bigger problem, multiple sources tell Crain's—is a negotiation between Bally's and Alden Global Capital, the New York-based parent of the Chicago Tribune that recently extended its lease for 10 years at the Tribune's Freedom Center printing plant in the River West neighborhood. A Bally's venture paid $200 million late last year for the massive printing facility and the 30-acre riverfront site on which it sits with a plan to redevelop the property into a 1 million-square-foot casino and hotel complex.

But that project hinges on Bally's buying out Alden's lease and helping the company find a replacement facility elsewhere, giving Alden, known for driving a hard bargain, substantial negotiating leverage as Bally's seeks to develop the city's first casino. Sources familiar with the negotiations said commercial real estate brokerage Colliers International is helping line up potential new sites, but that Bally's and Alden remain far from an agreement on the financial terms that would compel Alden to relocate.
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  #1537  
Old Posted Feb 13, 2023, 2:37 AM
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Originally Posted by Kngkyle View Post
Both the state and the city are very invested in this becoming a reality so I’m sure if push comes to shove they will apply the necessary pressure to make it happen.
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  #1538  
Old Posted Feb 13, 2023, 4:29 PM
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Both the state and the city are very invested in this becoming a reality so I’m sure if push comes to shove they will apply the necessary pressure to make it happen.
Alden has made their money by buying newspapers, saddling them with huge amounts of debt, then ruthlessly gutting the staff until there is nothing left. They are vultures and their investors likely include dictators in the middle east. State/City can apply all the pressure they want, good luck.
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  #1539  
Old Posted Feb 13, 2023, 4:34 PM
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Originally Posted by Klippenstein View Post
Both the state and the city are very invested in this becoming a reality so I’m sure if push comes to shove they will apply the necessary pressure to make it happen.
That's my view here too.....

The whole thing would suffer major delays on the order of years if Bally's has to back to the drawing board for a new site, and the city/state have no interest in doing that as it will result in a loss of revenue.
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  #1540  
Old Posted Feb 13, 2023, 4:51 PM
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Alden has made their money by buying newspapers, saddling them with huge amounts of debt, then ruthlessly gutting the staff until there is nothing left. They are vultures and their investors likely include dictators in the middle east. State/City can apply all the pressure they want, good luck.
I’m sure the threat of eminent domain will resolve that situation sooner rather than later. Site acquisition is not exactly something government is powerless to deal with. The government’s fair price is going to be quite different from Alden’s idea of a fair price if it comes to that.
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