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Chicago casino finalists: What to know about the bids, from the locations to the possible roadblocks
Chicago Tribune
Apr 28, 2022 at 9:43 am
Chicago is one step closer to a potential big revenue boost and achieving a goal that has eluded local mayors for decades: its first casino.
Still, the project will have to clear major hurdles as Mayor Lori Lightfoot’s administration sorts through the proposals — which have been whittled down from five to three — and picks a winner.
The three remaining bids advanced by the city may represent the path of least resistance for a Chicago casino. But none has landed without some objections or concerns, which the city may have to confront before it narrows the group down to a single favored plan, which officials said will be by early summer. It would still need to win state approval.
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Lightfoot plans to select the operator and location of a Chicago casino in “early 2022,” officials said.
Here’s what you need to know about the whole process, from the bids to their locations.
Chicago casino bidders down to 3 finalists: River West, South Loop and next to Soldier Field
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The city, which is banking on a casino to generate $200 million in annual tax revenue to plug its public pension funding holes, plans to submit its choice to the Illinois Gaming Board for approval in time to include upfront payments from the winning bidder in the 2023 fiscal budget this fall, said Ald. Tom Tunney, 44th, chairman of the the Special Committee on the Chicago Casino.
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Rivers 78 plans to launch temporary casino in old-school riverboat at South Loop site
Rendering of Rivers Casino at The 78, a 62-acre South Loop mixed-use development site
The riverboat, which holds about 1,000 gaming positions, could be up and running within six months of approval, providing a temporary “mini-Rivers” casino on the river while the permanent facility is built, Tim Drehkoff, the new CEO of Rush Street Gaming, said during a community engagement meeting April 7.
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Bally’s plans to use a former Tribune Publishing warehouse once earmarked for a residential and office development as its temporary casino while the Freedom Center is demolished and the permanent facility is built.
That was perhaps the biggest takeaway as Bally’s met with hundreds of skeptical River West neighbors inside the vacant 120,000-square-foot building on April 6 to pitch a proposed $1.74 billion casino, hotel and entertainment complex that would supplant the nearby Freedom Center printing plant, if approved as the Chicago casino.
Chicago casino finalists meet the neighbors, prepared for changes. Bally’s has already tweaked its minority investor plan.
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The effort to win over neighbors and the mayor’s office before the city’s anticipated early summer decision to forward a proposal to the Illinois Gaming Board for final approval has already led to some changes.
Rendering for the proposed Rivers Chicago McCormick
But with three of the five proposals planning to use the McCormick Place campus, there may be a wild card in the works. McCormick Place has yet to strike a deal with the city or the developers, and is something less than all in on repurposing any of its convention center facilities as a casino.
City officials are sifting through the bids, including one from Hard Rock International that would set the gambling emporium in a massive mixed-use project, One Central, which developers hope to build over train tracks west of Soldier Field. City Hall staff members are tasked with recommending to the mayor which casino plan she should present to aldermen for approval.
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