A total of five companies have submitted proposals to create a casino in Chicago. As Mayor Lori Lightfoot and members of her administration review the proposals over the coming weeks, the city is one step closer to offering casino gaming. Among the developers vying for the gaming venue include Bally’s Corporation and Rush Street Gaming.
Details of the Proposals
Bally’s Corporation has decided to submit proposals for two sites and has plans to manage the gaming facility. The company would like to see a venue at the Chicago Tribune Publishing Center or the McCormick Place Truck Marshaling Yard.
Rush Street Gaming is interested in bringing its Rivers brand to Chicago. Rivers Chicago at McCormick’s plan would place the casino at the McCormick Place Lakeside Center and 78 Chicago development site known as South of the Loop.
Rivers 78 Gaming also submitted a proposal, with the casino to be operated by Rush Street Gaming. HR Chicago has submitted a proposal for one site with Hard Rock International operating the venue.
Plenty of Potential
In 2019, a $45 billion capital bill was passed of which a casino in Chicago is supposed to be a key part of its success. Officials in the city are hopeful that revenues will help to bring in revenues needed for budget shortfalls, especially as the pension costs increase.
During the summer of 2019, a casino study took place that showcased the merits of placing a casino in the downtown area of the city. This would put the casino near hotels and other attractions that people frequent. The study said that placing a casino in outlying areas of the city might be considered unsafe among out of towners.
Even though the study showed that a casino would fare well in Chicago, Illinois, there was a lack of interest, and no bids were provided. Because of this lack of bids, officials decided to extend the deadline which gave potential suitors more time to send in casino plans.
While Chicago is considered a huge draw for tourists, it has been looked at skeptically by those in the casino industry. On reason is the tax burden that the operator is expected to meet. Then, there will be new competition via sportsbooks and video gaming, two options that were legalized recently in Illinois.
Other New Casinos
Another consideration to be made is the new casinos that could come to Waukegan, a south suburban region of the state. The state is allowing a casino in the suburban areas of Chicago, with a casino proposal recently submitted from Matteson, a village of Cook County, and a bid from East Hazel Crest and Homewood.
Proposals were also submitted by Lynwood and Calumet City, which was backed by the Ho-Chunk Nation of Wisconsin, and Southland Live LLC. These last two were looked over as officials decided to go with the first two proposals.
As these processes move forward, the state will eventually have a much larger gambling industry and be able to offer more gaming options as well as bring in much-needed gaming revenues to several areas of the state.