💰 Lightfoot Chicago casino proposal forecasts $ billion in revenue

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Will new casino licenses be granted as the pandemic decimates the industry? City, county and state officials counting on casinos to provide much.


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The Illinois Gaming Board released the study Tuesday morning after have approval for the new casinos and other gambling options they.


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Statewide revenue hasn't increased since , but six new casinos could 7 for Illinois' casino industry as the state prepares to deal out a hand of on finally opening a casino in Chicago, where video gaming is banned.


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Under her new plan, the Chicago casino would make that payment to the Rebuild Illinois; $ million would be an upfront capital infusion.


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Cynde Bunch, founder and CEO of another casino hopeful, Walker's Bluff in downstate Williamson County, says she'd not yet been contacted by the Gaming Board either, and recognizes "the significant job before them. McNamara in Rockford says Hard Rock, chosen for its strong financials, brand, and debt and equity plans, "has given us assurances that when it gets approval from IGB, it will have the funds to build. Despite what's happened to cities like Joliet, there's a sense of urgency for new casinos to break ground in the municipalities awaiting licenses. Four cities and two counties—Rockford, Waukegan, Danville, Chicago, Williamson County and south suburban Cook County—await the Illinois Gaming Board's final decision, due by late October, on new casino applications submitted as part of last year's massive gaming expansion. The Gaming Board was similarly tight-lipped about whether applicants would be required to resubmit portions of their bids to prove they are still viable as the crisis wears on.

The uncertainty has likely upended plans for new casinos, too, says a Springfield insider who has worked on gaming issues for nearly a decade but is not authorized to speak publicly. We and Williamson County look forward to working with the IGB to make this dream a reality and get people back to work.

It cited "significant negative impacts in the United States and in relation to our business," including closures of more than a dozen racetracks and casinos it is involved with across the U. The IGB says it's business as sort of usual. IGB's Fruchter says it is "processing, vetting and investigating" existing submissions, and "applicants may provide supplementary information to an existing application. A spokeswoman for Hard Rock says the company stands "ready to start construction and put more than 1, people to work building the casino as soon as it is safe to do so. But even well-established players are facing headwinds. A local spokesperson declines to comment. That's about 8 percent of its budget, and the third-largest tax it collects. He says the board hasn't asked for updated financials and that he hopes their project's "strong financial banking" and location give them a competitive advantage. It predicts it has adequate cash for the next 12 months. Though lawmakers have yet to return to Springfield, Mayor Lori Lightfoot is still hoping they'll approve her proposed changes to the gaming law so a Chicago casino—the largest of any of the new potential locations—can be financially feasible. Rob Miller, a managing member of South Suburban Development, which is partnering with the Choctaw Nation of Oklahoma to apply for a license in Matteson, is optimistic.