CHICAGO | City Casino

[marothisu]

Originally Posted by west-town-brad

yup it's a gusher of money

even more so when you add the "covid recovery" funds on top

Yeah, I fail to understand how that isn't at least positive news. Will be interesting to see the upcoming months' numbers too. The 2022 vs. 2019 adjusted for inflation numbers I posted (calculated) is a difference of over $13.5B in personal income over 3 months for residents of the state. Even if you had 1 person make $1B/month of that alone, it's still basically equivalent to an increase of 35,000+ jobs paying $100K each. And also of course, adjusted for inflation still around $700M every 3 months extra in income taxes alone vs. 2019 for the state if that trend holds.

Not sure why some people literally can never say "that's positive.." to anything.

[galleyfox]

Originally Posted by marothisu

Yeah, I fail to understand how that isn't at least positive news. Will be interesting to see the upcoming months' numbers too. The 2022 vs. 2019 adjusted for inflation numbers I posted (calculated) is a difference of over $13.5B in personal income over 3 months for residents of the state. Even if you had 1 person make $1B/month of that alone, it's still basically equivalent to an increase of 35,000+ jobs paying $100K each. And also of course, adjusted for inflation still around $700M every 3 months extra in income taxes alone vs. 2019 for the state if that trend holds.

Not sure why some people literally can never say "that's positive.." to anything.

Well, the original point was not that it wasn’t positive, but rather that the city still doesn’t have this huge surplus of funds sitting in the bank. Expenses and contributions also increased these past few years.

Most of the covid funds did indeed get spent making up for the 2020 and 2021 shortfall.

But inflation is totally softening the scheduled 2022 pension hike.

I once heard a tongue-in-check comment that the solution for the city and state pension problem was to pray for hyperinflation. It’s just regular old high inflation for now, but the universe apparently has impeccable timing.

And of course, a casino to cover the remaining pension contributions for the rest of the decade.




https://budgetblog.ctbaonline.org/ch...t-cab30326b9c8

[marothisu]

Well, everyone knows the pension stuff is messed up and has been for awhile. Progress is at least some progress nonetheless as long as it's not at the expensive of residents anymore IMO.

From a city perspective...the shortfall is $561M lower than expected:
https://chicago.suntimes.com/city-ha...federal-relief

Mayor Lori Lightfoot’s pre-election budget includes a revised, $305.7 million shortfall — $561 million below earlier estimates — thanks to held-over federal relief funds and an improving economy, top mayoral aides said Wednesday.

..

On the glass-half-full side of the equation is the fact that the city expects to close the books on 2021 with revenues $250 million higher than anticipated.

The primary drivers are:

• A booming real estate market driven by record-low interest rates (until recent hikes engineered by the Federal Reserve). The result is transaction and lease taxes $201.3 million over budget estimates.

• An improving labor market that has income tax receipts $57.5 million higher than anticipated.

..

Even so, Chicago’s economic outlook is not nearly as rosy as the portrait Lightfoot painted during a recent speech to the City Club of Chicago, in which she attempted to lay the groundwork for her re-election campaign.

Transportation taxes are $53 million below budgeted levels, in part because a huge chunk of the downtown workforce has continued to work remotely at least a few days-a-week.

Although hotel tax revenues have “begun to recover,” they’re still “not fully recovered to pre-pandemic” levels, according to Chief Financial Officer Jennie Huang Bennett.

..

“What we’re seeing is people going out and spending more money — not because they’re dining out more, but because it’s more expensive. That concerns me,” Tunney said.

“That’s inflation, which should help — unless it’s out of control.”

Inflation is definitely a factor here but hopefully any upcoming blow won't be as bad due to the fact that Chicago and its area's inflation rate was a bit lower than a lot of other areas. Still high but perhaps won't end up as bad as some areas that have a lot more insane inflation. We're going to see what happens in the next few months with all of this.

[rivernorthlurker]

When did the temp Bally's switch from Medinah Temple to this? Looks like a lot of fun.

via https://www.ballys.com/chicago/



Also O'Hare is the new McCarran!

[thegoatman]

wtf... not with that parking

[Randomguy34]

Originally Posted by rivernorthlurker

When did the temp Bally's switch from Medinah Temple to this? Looks like a lot of fun.

The Medinah Temple is still the temp casino, Bally's website has old info

[rivernorthlurker]

Originally Posted by Randomguy34

The Medinah Temple is still the temp casino, Bally's website has old info

Hmm, weird, thanks.

[Mr Downtown]

Little Freedom Center was the original plan, but the Chicago Avenue bridge needs to be replaced while the new casino is under construction. So the temporary casino was moved to Medinah Temple.

[west-town-brad]

Originally Posted by galleyfox

I once heard a tongue-in-check comment that the solution for the city and state pension problem was to pray for hyperinflation. It’s just regular old high inflation for now, but the universe apparently has impeccable timing.

the annual inflation rate when IL created these plans was 5-10% (or higher in some years) so it was easy to give away benefits when you knew inflation would just eat them away over time

[rivernorthlurker]

Originally Posted by west-town-brad

the annual inflation rate when IL created these plans was 5-10% (or higher in some years) so it was easy to give away benefits when you knew inflation would just eat them away over time

Yup, debtholders love inflation. One thing Illinois and Chicago are good at is having a lot of debt.

[r18tdi]

Sigh, another reminder that the bungled casino deal was probably the best and last chance for Lakeside Center to find the benefactor it needs...

https://chicago.suntimes.com/2022/6/...nter-editorial

[ardecila]

If the choice is $400M to rehab an architectural gem, or $1.5B to build a new convention hall (the "bridge building") that is an urbanist disaster, seems like a no-brainer.

If it's gonna sit on the lakefront, I would love if the city and state came together to set up recreational programming for Lakeside Center so it functions as something like park space when there's not a convention going on (which is most of the time).

Imagine a huge fieldhouse where disadvantaged kids can play organized volleyball, tennis, basketball through the winter. The only thing you need is different flooring, and some nets that retract up to the ceiling. McCormick has tons of parking for families to drive here, and direct Metra Electric access to much of the South Side.

[jpIllInoIs]

Originally Posted by ardecila

If the choice is $400M to rehab an architectural gem, or $1.5B to build a new convention hall (the "bridge building") that is an urbanist disaster, seems like a no-brainer.

If it's gonna sit on the lakefront, I would love if the city and state came together to set up recreational programming for Lakeside Center so it functions as something like park space when there's not a convention going on (which is most of the time).

Imagine a huge fieldhouse where disadvantaged kids can play organized volleyball, tennis, basketball through the winter. The only thing you need is different flooring, and some nets that retract up to the ceiling. McCormick has tons of parking for families to drive here, and direct Metra Electric access to much of the South Side.

The building should be used to bring together all people regardless of any class distinctions. The idea of hosting organized sports Amateur or Pro is excellent. Regional, State or National tournaments in fencing, volleyball, Brazilian mini ball soccer, martial arts of all sorts, handball, ping-pong, basketball.

Of course only Level 3 has the 50ft ceilings hts. Levels 1 &2 are 15ft hts with columns on 30ft centers.

BTW Coming up this week at McMCK lakeside

NIKE TOURNAMENT OF CHAMPIONS
July 10, 11 & 12, 2022Chicago, IL
Now in its 24th year, the Tournament of Champions is the greatest summer basketball event in the world – bar none. For 2022 we will be constructing 80 new full size Sport Courts in the largest Convention Center in North America, Chicago’s amazing McCormick Place.

2022 will also see the return of Nike Nationals, which itself always brings unexpected thrills and surprises. Past years have seen appearances by ESPN crews, Kevin Durant, Chance the Rapper, and more.

Most importantly, Chicago is the #1 recruiting destination for college basketball coaches. Many events claim to have hundreds (or thousands) or NCAA coaches in attendance; the Tournament of Champions is the only one that actually backs up the numbers.

If a team could compete in just one event in 2022 to receive the maximum collegiate exposure for its athletes, the Tournament of Champions would be the one. A central location in one of the world’s greatest cities and the highest caliber competition on the planet make this a must stop for all serious teams and athletes.

[VKChaz]

Originally Posted by jpIllInoIs

The building should be used to bring together all people regardless of any class distinctions. The idea of hosting organized sports Amateur or Pro is excellent. Regional, State or National tournaments in fencing, volleyball, Brazilian mini ball soccer, martial arts of all sorts, handball, ping-pong, basketball.

Of course only Level 3 has the 50ft ceilings hts. Levels 1 &2 are 15ft hts with columns on 30ft centers.

BTW Coming up this week at McMCK lakeside

NIKE TOURNAMENT OF CHAMPIONS
July 10, 11 & 12, 2022Chicago, IL
Now in its 24th year, the Tournament of Champions is the greatest summer basketball event in the world – bar none. For 2022 we will be constructing 80 new full size Sport Courts in the largest Convention Center in North America, Chicago’s amazing McCormick Place.

2022 will also see the return of Nike Nationals, which itself always brings unexpected thrills and surprises. Past years have seen appearances by ESPN crews, Kevin Durant, Chance the Rapper, and more.

Most importantly, Chicago is the #1 recruiting destination for college basketball coaches. Many events claim to have hundreds (or thousands) or NCAA coaches in attendance; the Tournament of Champions is the only one that actually backs up the numbers.

If a team could compete in just one event in 2022 to receive the maximum collegiate exposure for its athletes, the Tournament of Champions would be the one. A central location in one of the world’s greatest cities and the highest caliber competition on the planet make this a must stop for all serious teams and athletes.

At least according to the McCormick site, doesn't appear Nike is held at Lakeside

https://www.mccormickplace.com/events/

Though I would imagine sporting events can be generally held throughout, I don't know if there is a reason they would work better in one building than another or where all the previous sporting events have been held.

Seem to recall some comments early in the casino thread about people sniffing around to repurpose at least a portion of Lakeside. Maybe for sound stages? I can imagine MPEA is looking for ways to better monetize the space if its trade show use is limited. And it is already a bit of mixed use facility given the presence of Arie Crown.

[galleyfox]

Originally Posted by VKChaz

At least according to the McCormick site, doesn't appear Nike is held at Lakeside

https://www.mccormickplace.com/events/

Though I would imagine sporting events can be generally held throughout, I don't know if there is a reason they would work better in one building than another or where all the previous sporting events have been held.

Seem to recall some comments early in the casino thread about people sniffing around to repurpose at least a portion of Lakeside. Maybe for sound stages? I can imagine MPEA is looking for ways to better monetize the space if its trade show use is limited. And it is already a bit of mixed use facility given the presence of Arie Crown.

Yeah, some articles from Spring 2021.

It’s probably a big reason why McPier was so ambivalent about the casino.

There were already legal issues from Public Trust, and they still use the space for operations and some conventions. And they may have real interest from film productions now.

At some point, it looks like somebody is just going to have to pony up for repairs.

“McCormick Place has some pretty good sound baffling, so that would be a pretty quick thing to be able to move into,” said Falzone, an associate professor in Directing and Cinema Studies at Columbia College Chicago. “It’s easier, faster, and less expensive for a production to come to Chicago than it is to most of these other cities.”

“The Lakeside dimension has been also something that’s been used in the past for ‘Batman’ – it was the location of the Bat Cave,” said Chicago Film Office Director Kwame Amoaku.

Amoaku said the film office has exceeded pre-pandemic production levels in the city, and the Lakeside Center space at McCormick Place is helping them recruit more projects.

“So we’re actually in this position where were running out of soundstage space to put all of these new productions that were coming in, so it was great that Lakeside was able to be utilized and offered as a soundstage space – and we’re currently marketing it as such,” he said.

https://chicago.cbslocal.com/2021/04...cormick-place/

McCormick Place general manager David Casten told the board the NBC television show, “Chicago Med” would film again this week in the McCormick Place West building since Cinespace, the West Side film studio where the show and “Chicago P.D.” are filmed, is “at full capacity.”

“We’ve also been working with Cinespace executives on trying to market our Lakeside Center upper level hall for soundstage availability for pilots, films, swing sets, other kind of filming that is occurring in Chicago,” Casten said.

https://chicago.suntimes.com/news/20...pact?_amp=true

[jpIllInoIs]

Register for Virtual Community Meeting regarding Medinah Temple as temp facility.

https://cityofchicago-org.zoom.us/we...TPGt0vq9haDjpQ

The City of Chicago and Bally’s Chicago are proposing to utilize the existing Medinah Temple, located at 600 North Wabash, as a temporary casino facility. Bally’s Chicago will present its plans with respect to historic preservation and answer questions related to historic preservation and the upcoming Permit Review Committee meeting. The community may submit in advance any questions or comments related to the project via email to chicagocasino@cityofchicago.org.

TUESDAY, JULY 19, 2022
AT 6:00 PM

[r18tdi]

Originally Posted by jpIllInoIs

Register for Virtual Community Meeting regarding Medinah Temple as temp facility.

https://cityofchicago-org.zoom.us/we...TPGt0vq9haDjpQ

The City of Chicago and Bally’s Chicago are proposing to utilize the existing Medinah Temple, located at 600 North Wabash, as a temporary casino facility. Bally’s Chicago will present its plans with respect to historic preservation and answer questions related to historic preservation and the upcoming Permit Review Committee meeting. The community may submit in advance any questions or comments related to the project via email to chicagocasino@cityofchicago.org.

TUESDAY, JULY 19, 2022
AT 6:00 PM

I bet this NIMBY shit-fest will go past 9:00 PM.

[left of center]

Grab a bowl of popcorn for the livestream. There's gonna be a whole lot of Karen's mouthing off next Tuesday.

[twister244]

Saw this pop up on my feed....

Not sure how I feel, but I am not against more park space along the river.

https://blockclubchicago.org/2022/07...a-public-park/

[VKChaz]

Originally Posted by twister244

Saw this pop up on my feed....

Not sure how I feel, but I am not against more park space along the river.

https://blockclubchicago.org/2022/07...a-public-park/

"Park space" is what you have along most of the new private riverwalks like Riverline. The casino provides an opportunity to have an active section