5 October 2021, Chicago – Chicago Mayor Lori Lightfoot and other officials received five distinct proposals from builders for the construction of a Chicago casino. The developers submitted the 5 proposals a week ago, on October 31st, 2021. The project proponent believes that a casino project will boost the industry and increase revenue for the country. Moreover, they argue that this will assist Chicago in achieving a goal that previous mayors have failed to accomplish for centuries. Due to the proponents’ big talks, the city officials and experts examine the possible outcomes of the project.
The Mayor, Lori Lightfoot, will only be picking one of the five casino projects as the winner. Currently, no one is sure about where and which of the 5 proposals will the authorities accept. However, according to the experts, it would be best for the Chicago casino to be near or inside the Downtown.
“We are thrilled to have received five high-calibre proposals from Bally’s Corp.; HR Chicago LLC; Rivers Chicago at McCormick LLC; and Rivers 78 Gaming LLC. The submission of bid responses represents a major step toward the thoughtful development of a casino resort that uplifts our businesses, employs and empowers our residents and encourages tourism. We look forward to the next phase of discussions to bring this world-class entertainment experience to our city.,” says the Mayor.
Officials and Experts’ Views
The officials are quite thrilled to receive the Chicago casino proposals, according to Mayor Lori’s statement. Furthermore, the Mayor’s administration anticipates leveraging this initiative to improve the city’s financial status. Experts believe that the casino project will kick-start the industry because the predicted revenue is substantial. As pension costs rise, the authorities are aiming to use the casino’s revenues to help cover future budget gaps.
While many officials expect the Chicago casino project to be a big success, several experts have doubts about the profit it can generate.
“It’s not what it used to be,” Alan Woinski, president of Gaming USA, said. “It used to be that you could build a casino and there was a 75-or-80% chance of it being successful. Nowadays, you’re talking about a 60-to-70% chance that you’re going to get a 10% return.”
More Info on the 5 Chicago Casino Proposals
The government received 5 proposals for the casino project. Firstly, one of the labels that submitted the proposal is Bally’s Corporation. As per Bally’s Corp. statement, the company proposed two casino sites. Moreover, they are demanding to self-manage the site on their own with no outsiders. One of the two sites that Bally proposed is situated on the junction of Chicago Avenue and Halsted Street at the Chicago Tribune Publishing Center. In contrast, the other site is the McCormick Place Truck Marshaling Yard near 31st Street and DuSable Lake Shore Drive.
HR Chicago proposed concepts for a single casino location as the second bid. In contrast to Bally’s Corp, which is ready to run the property on its own, HR Chicago will assign management to Hard Rock International.
The third bid the government received is of Rivers Chicago at McCormick. According to the city officials, the managers of this site are going to be Rush Street Gaming LLC. In a joint venture with Churchill Downs Inc., Rush Street Gaming controls Rivers Casino in Des Plaines. Moreover, Rush Street recommends two locations, the McCormick Place Lakeside Center and the 78 Chicago construction site south of the Loop.
The last proposal placed is by Rivers 78 Gaming. The company also proposed only one site. Similar to Rivers Chicago Corp., Rivers 98 will also be leaving the management to Rush Street Gaming.
CEO Bill said on an earnings report that they would rather invest in the new project instead of spending on the expansion of Rivers casino.