Chicago receives 5 casino proposals | Business


A study of Chicago casinos carried out in the summer of 2019 highlighted the merits of a downtown location near hotels and other attractions, rather than in outlying neighborhoods that residents of the outside with de the money to spend might find it dangerous.

But a previous lack of interest in operating a casino in Chicago prompted the city to extend the deadline for submitting proposals.

And supporting a mega-casino and entertainment complex in the tourist part of town would be particularly tricky for Lightfoot, who ran for town hall promising to focus Town Hall’s attention on helping people. struggling Chicagoans after his predecessor, Mayor Rahm Emanuel, was seen as favoring the city’s wealthier neighborhoods.

The same study that highlighted the advantage of a downtown location also argued that the project might not attract developers because the original tax structure approved by lawmakers was “very onerous” and would have left margins. extremely slim beneficiaries to the potential owner.

Lightfoot lobbied heavily on lawmakers to correct the tax structure, which they ultimately did in their pandemic shortened session last year, giving the mayor one of his biggest wins in Springfield .

Despite its great tourist attraction, Chicago has been viewed with skepticism by the casino industry, in part because of the possible tax burden. Casinos are also facing new competition related to the legalization of video games and sports betting in Illinois. Yet the state’s existing casinos, which also include those in Elgin and Aurora, generated more than $ 120 million in total gross revenue in July – surpassing the hold in the same month in 2019, before the pandemic – and more new casinos are planned.

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