After a seven-week wait, Bally’s Chicago Casino has emerged as the winning bidder. Mayor Lori Lightfoot and her team made the announcement on Thursday night.
Bally’s was vying against Rivers and Hard Rock for the opportunity to build the casino in Illinois.
Why is Bally & rsquo superior to the other two casinos?
Lightfoot and her council may have chosen Bally & rsquo over other Illinois casino competitors for various reasons.
Initially, Bally proposed to acquire the gaming license for $25 million, being the only company willing to make such a significant upfront payment.
Another advantage of Bally’s casino project was its higher projected revenue numbers compared to other applicants, as calculated by Lightfoot and her team.
A source has indicated that a labor agreement for the construction of Bally’s is nearing finalization.
During an April meeting, the Chicago City Council reprimanded every casino company for their lack of labor plans, with Bally’s potential agreement likely playing a key role in their decision.
Bob Reiter, chairman of the Chicago Federation of Labor, emphasized the significance of creating work plans in advance.
We recognize the importance of revenue generated from tourism taxes for our city’s development. Nevertheless, moving forward without a dedication to providing a living wage and protecting workers’ rights would be a disregard for the labor movement in Chicago as a whole.
Jennie Huang Bennett, the chief financial officer of Chicago, explained to each game the potential impact of a work agreement on the final casino selection.
The following actions for Bally & rsquo, s
Bally’s plans to begin construction on its new casino are somewhat uncertain.
After receiving approval to develop a game, the company must now engage in negotiations with the Chicago City Council to establish specific programs for the area. This process may pose challenges for Bally’s.
Once the city level reaches a consensus, the Illinois Gaming Board (IGB) must approve the casino plans. After reviewing Bally’s application, the IGB will then issue a license.
If everything goes according to plan, Bally’s can begin construction on its casino.
Expectations from Bally & rsquo, a casino in Chicago
If Bally & rsquo receives a license from the IGB, it plans to construct its casino at the Chicago Tribune printing facility, situated at the intersection of Chicago Ave and Halsted St.
As per the arrangement, a short-term game will begin on the same property as the existing casino.
The Bally’s Casino includes the following features:
- a sports club
- Sports exhibition in Chicago
- Roof table positioning
- lakes and seats
- 500-room resort
The projected total project fees are approximately $1.7 billion.
Nearby officials continue to lash out at me.
Every casino, starting from the beginning of the application bidding process, faced strong criticism from local leaders, politicians, and Chicago residents. Bally’s, in particular, has also faced its own critics.
Ald is vocal in his opposition to the construction of the casino, which is being spearheaded by Brian Hopkins of the second ward, a neighborhood located near the site of Bally’s.
Hopkins criticized Lightfoot for forming a City Council committee made up only of her management team and for only allowing one meeting with the committee. He also disapproved of the committee having decision-making power in the early stages of the casino selling process.
Hopkins remarked:
It would be unwise to give full authority to the committee without first hearing the mayor’s plan. In my opinion, the current situation feels like a joke.
Hopkins has clarified that Bally’s lacks experience in developing a casino from the ground up in Chicago, a significant market. Most of Bally’s 14 other casinos were acquired well after their initial openings.
Hopkins is worried that the community could face negative outcomes due to the lack of experience of Bally & rsquo’s team. This could lead to bigger issues in the future if unexpected construction problems arise and impact the neighborhood.
Political backing for Bally & rsquo, a casino in Chicago
Alderman Walter Burnett of the 27th ward, where Bally intends to build a casino, believes that the potential tax revenue generated by the casino outweighs any concerns about increased traffic and potential issues it may cause.
After speaking with people in the community, Burnett reported that many locals are facing financial difficulties as a result of recent increases in taxes.
Few of us who are running for office are willing to impose more burdens on individuals. Last year, everyone’s taxes increased because of re-assessments. I have been contacted by people who are considering selling their properties because they can no longer afford to keep them up. I sympathize with these individuals in both my upscale and West Side communities who are struggling. I cannot support policies that harm everyone in order to benefit only a few.
Burnett fully supports exploring alternative options to prevent additional income increases for the public. He is unsure if the city would favor a casino as a way to generate significant tax revenue.
