“This is a big opportunity for us,” Bally’s Chairman Soo Kim said in an interview Friday. The company has been acquiring casinos across the country at a rapid pace, seeking to capitalize on the legalization of sports betting. It submitted proposals for two sites, one near the McCormick Place convention center and another at 78 Chicago, a former railroad yard south of downtown.īally’s, whose name dates back to a pinball company based in the city, is proposing a McCormick Place location, as well as former a Tribune Co. Rust Street, co-founded by local real estate magnet Neil Bluhm, had been widely anticipated to make a bid. Read more: Chicago seeks casino bids, to pick winner in early 2022 Chicago’s unfunded pension liability across four funds tops $31 billion, nearly twice the size of the 2022 budget of $16.7 billion approved by aldermen this week.
The city will take in an estimated $160 million to $200 million a year in tax and fee revenue once the casino is operational, officials projected in April. The proposals include plans for minority ownership and participation in the construction and contracting.
While jobs from construction are expected to boost employment, a temporary casino could start to bring in tax revenue quickly. Mayor Lori Lightfoot, a strong backer of the casino, has pitched the project as integral to the city’s growth, and a way to help chip away at rising pension costs. The winner will also get rights to operate slot machines at O’Hare and Midway airports, according to an earlier request for bids. (Bloomberg) - Chicago received offers from three gambling companies to build the sole casino in America’s third-largest city, officials said Friday.īally’s Corp., Hard Rock International and Rush Street Gaming all submitted bids for what’s expected to be a $1 billion-plus hotel, casino and entertainment complex.