CHICAGO | City Casino

[BruceP]

Originally Posted by pip

Is there a city where Casinos worked? Some of the most depressed cities have bet on Casinos to help and look at them now. Las Vegas is casinos and tourism so I'm not sure that counts. Las Vegas is an exception. Can Chicago pull it off, I highly doubt it. I'm not against the casino, though glad I don't live near the proposed casino but to me casinos are a gasp of desperation that doesn't work. I can't share enthusiasm that this will work out and help Chicago. It hasn't anywhere else. Casinos are desperation and for something that doesn't work.

Nobody ever claimed a single casino was the answer to any city's fiscal woes. But if it brings in a couple of hundred million dollars, I'm all for it.

[pip]

sure if it works. It hasn't elsewhere.

[galleyfox]

Originally Posted by pip

sure if it works. It hasn't elsewhere.

Of course, casinos don’t work to generate economic growth.

Chicago isn’t using a casino to get economic growth. There are tons of other industries to accomplish that-unlike the small cities that typically build casinos.

It’s simply the least painful tax to help get over the pension hump for the next 20 years until the worst of the old pension benefits expire.

Casinos are not good at generating economic growth, but they are good at generating fast revenue.

[SIGSEGV]

Originally Posted by pip

Is there a city where Casinos worked? Some of the most depressed cities have bet on Casinos to help and look at them now. Las Vegas is casinos and tourism so I'm not sure that counts. Las Vegas is an exception. Can Chicago pull it off, I highly doubt it. I'm not against the casino, though glad I don't live near the proposed casino but to me casinos are a gasp of desperation that doesn't work. I can't share enthusiasm that this will work out and help Chicago. It hasn't anywhere else. Casinos are desperation and for something that doesn't work.

Does anybody know how the casino in Boston (well, Everett, I guess) is doing?

But outside the US, there are lots of good examples (e.g. London, Lisbon, Singapore...)

[VKChaz]

Originally Posted by pip

sure if it works. It hasn't elsewhere.

Besides the effect on some lower income people and addiction, a reasonable knock against relying on casinos for revenue is that they can cannibalize other spending opportunities, diverting disposable income that would have been spent elsewhere. Restaurants, theater, sports, etc.

But, for better or worse, with gambling opportunties now so ubiquitous, it is reasonable to question how well any casino will meet its goals.

[jpIllInoIs]

FWIW Im not a fan of Casinos or relying on gambling for revenue. But Chicago is a big, diverse economy with the Tech, Financial, Legal and Professional sectors, Academic and Research and Medical economies, Conventions, Hospitality, Tourism, Travel, Logistics, Manufacturing, and on..

That said, gambling exist in Chicago's periphery. Aurora, Joliet, Elgin, Milwaukee and most critically 4 Casinos in Indiana. Those Indiana casinos get a large amount of revenue from Illinois residents. It is a no brainer to attempt to keep some of that revenue in Illinois and in Chicago.

Bally's Riverpoint is super well located to capture Illinois gambler before they head to Indiana. It will also be well located to capture out of town/state visitors. Chicago's casino will divert revenues from other Chicago entertainment venues but the upside is it will keep some revenues in-state.

[ardecila]

I'm not sure how much it cannibalizes the other casinos. Rivers, maybe... but if you live in Schaumburg, Burr Ridge, or Merrillville are you gonna sit in traffic for an hour to get to a downtown casino when there are much easier options already in the burbs?

[gebs]

Originally Posted by ardecila

I'm not sure how much it cannibalizes the other casinos. Rivers, maybe... but if you live in Schaumburg, Burr Ridge, or Merrillville are you gonna sit in traffic for an hour to get to a downtown casino when there are much easier options already in the burbs?

If the downtown casino is a well-designed, hospitality-grade eXpErIeNcE and an environment for Instagram hobnobbing, then it'll most likely draw a more well-heeled suburban crowd.

(Note: I have never been to a suburban casino, so I don't know if those have been designed to meet the discerning tastes of moneyed sophisticates.)

[jpIllInoIs]

Originally Posted by ardecila

I'm not sure how much it cannibalizes the other casinos. Rivers, maybe... but if you live in Schaumburg, Burr Ridge, or Merrillville are you gonna sit in traffic for an hour to get to a downtown casino when there are much easier options already in the burbs?

I am referring to capturing the Chicagoans who travel to Indiana casinos. Quite right that Suburbanites/exurbanites may not change their fav locations.

[marothisu]

Originally Posted by west-town-brad

Yes, plus city council just approved a sports book for Wrigley Field, United Center, Sox park (whatever they are calling that now) and I think Solider Field too. https://www.nbcchicago.com/news/loca...ittee/2707079/

Also most people just bets on sports with their phone in case you haven't seen ever other commercial on TV advertising a sports betting app.

All hail the era of gambling.

Yeah, true. Though in Illinois they make you visit a physical casino to register first. The only reason I haven't done it is because I didn't have a car until recently and didn't want to trek to Rivers for it. Even for that something in the city is better. And also depending on how they build an atmosphere at a casino, it could be fun to actually be there during events like the NCAA Men's Basketball Tournament.

[rivernorthlurker]

RNRA (River North Residents Association) response letter/opposition to the casino.

https://rnrachicago.org/casino-announcement-response/

Townhall coming up on Thursday from the Mayor

https://www.eventbrite.com/e/chicago...s-332212575757

[Handro]

Originally Posted by marothisu

Yeah, true. Though in Illinois they make you visit a physical casino to register first. The only reason I haven't done it is because I didn't have a car until recently and didn't want to trek to Rivers for it. Even for that something in the city is better. And also depending on how they build an atmosphere at a casino, it could be fun to actually be there during events like the NCAA Men's Basketball Tournament.

It's all in the execution for sure.

Is this supposed to be a luxury destination or is it competing with Horseshoe in Indiana?

[rivernorthlurker]

Originally Posted by rivernorthlurker

RNRA (River North Residents Association) response letter/opposition to the casino.

https://rnrachicago.org/casino-announcement-response/

Townhall coming up on Thursday from the Mayor

https://www.eventbrite.com/e/chicago...s-332212575757

Got the above and this in an email from my building, seems like a bit of urgency. Probably should have been more input during the selection process.

[Handro]

It's not even that close, I don't get what they're so concerned about.

[lu9]

Originally Posted by marothisu

Yeah, true. Though in Illinois they make you visit a physical casino to register first. The only reason I haven't done it is because I didn't have a car until recently and didn't want to trek to Rivers for it. Even for that something in the city is better. And also depending on how they build an atmosphere at a casino, it could be fun to actually be there during events like the NCAA Men's Basketball Tournament.

FYI- As of a few months ago, this requirement has been lifted:

https://www.chicagotribune.com/busin...efi-story.html

[west-town-brad]

Originally Posted by rivernorthlurker

RNRA (River North Residents Association) response letter/opposition to the casino.

https://rnrachicago.org/casino-announcement-response/

Townhall coming up on Thursday from the Mayor

https://www.eventbrite.com/e/chicago...s-332212575757

this should be a doozy

where are my pearls?

[marothisu]

Originally Posted by lu9

FYI- As of a few months ago, this requirement has been lifted:

https://www.chicagotribune.com/busin...efi-story.html

Thanks! That's a smart decision.. I'll be curious to see how Bally's executes around this and whether they have will have an atmosphere that's conducive to even wanting to spend time there for various sporting events.

[Ricochet48]

Originally Posted by nomarandlee

I wish there wasn't the 3k indoor venue for concerts. Perhaps there is a market for it, but I somehow see this as eating into the potential of the Congress, Park West, Chicago Theatre, and lowering the chance of the Uptown getting renovated. Now, if it was a bunch of dance clubs I think that would be great. It's close enough to the RN clubs that they all act as a club district that enhances the whole area, rather than siphon off from one another.

House of Blues would be the closest 'competitor' and is about 2k capacity. I typically go to a show a month there, but this has slowed down a bit with the opening of Radius (near Chinatown off Cermak). They have booked rock, edm, and everything in-between. Because it's a warehouse, the capacity is huge (as are the drink prices at like $17 for a tall Truly). The new "Salt Shed" off Elston supposedly will have an indoor capacity of 3,600 and outdoor of 7,000. The artists are meh, but I will be checking it out soon (it's a 7 minute bike ride from River North on great protected lanes).

I love having options, but I'm not sure how all these venues can compete, especially when the markets are crashing and inflation is so high. I guess time will tell. For me undoubtedly the indoor venue will be the biggest draw, so I want to hear more on it. I hope they are making a Zoom recording of tomorrow's town hall as I'll be busy on the pool deck at my building's triple keg + claw happy hour during the meeting

[Chi-Sky21]

Dude bruh wanna see Pumpkins and Janes? Hold on man, let me check my stock portfolio....said no one EVER.

[ardecila]

Originally Posted by Ricochet48

House of Blues would be the closest 'competitor' and is about 2k capacity. I typically go to a show a month there, but this has slowed down a bit with the opening of Radius (near Chinatown off Cermak). They have booked rock, edm, and everything in-between. Because it's a warehouse, the capacity is huge (as are the drink prices at like $17 for a tall Truly). The new "Salt Shed" off Elston supposedly will have an indoor capacity of 3,600 and outdoor of 7,000. The artists are meh, but I will be checking it out soon (it's a 7 minute bike ride from River North on great protected lanes).

I love having options, but I'm not sure how all these venues can compete, especially when the markets are crashing and inflation is so high. I guess time will tell.

I think the fear for small venues is overblown. People like Katie Tuten and CIVL are a little off the mark if they're worried that places like the Hideout will close - those places are small enough and niche enough that they can survive forever, unless their demographic just flees the city. Similar places like Empty Bottle, Constellation, Fitzgeralds, etc aren't going anywhere. (CIVL is really just a NIMBY front because they don't like the aesthetic of Lincoln Yards.)

There's a bigger concern about large and medium-sized venues, but those places are often backed by large promoters or hospitality groups already. They're not as "independent" as some people want to think. There will definitely be some closures in that category. Worried about places like Park West, Concord Music Hall, maybe the Vic or Metro. Places that were popular in the 90s for GenXers but have lost some of their luster. The Riv is already sinking big bucks into renovations to avoid this fate.