Chicago City Officials Reveal Details of the Five Casino Proposal

Chicago City Officials Reveal Details of the Five Casino Proposal

On Friday, officials from the Chicago mayor’s office released details about the five proposals for a casino. Chicago is planning to have a casino at the heart of the city.

Speaking of the received casino proposals, Chicago Mayor Lori Lightfoot said all proposals matched the city’s vision to create a world-class experience in the city that would propel notable economic growth and create hundreds of job opportunities for the surrounding communities.

The Mayor described each proposal as unique with all the qualities that a Chicago casino resort would need. Lori added that an expert review committee was ready to review each of the proposals and determine the best that would lead the city into a new era.

Chicago City officials are estimating that any of the five proposals would generate almost $200 million in taxes in a year once it starts operating. During a morning briefing, officials said that they were scheduling public hearings. After these hearings, the City Council will make their final vote.

The county officials predict the final voting could come in March 2022. The winner will be sent to the Illinois Gaming Board to get operational approval and a license.

Bally’s Submitted Two Proposals

Bally’s proposed two casinos for different locations. One proposed the Chicago Tribune Publishing Center while the other at the McCormick Plack Truck Marshalling.

The $1.8 billion proposed Chicago Tribune casino is expected to have 3,600 casino games, a high-rise hotel with 500 rooms, 70,000 square foot entertainment area carrying 3,000 seats. Bally offered to pay an upfront $25 million as an incentive payment.

The other Bally’s proposed casino is slightly smaller in regards to investment. Unlike the first one that will require 1.8 billion to complete, this will require $1.6 billion.

If Bally’s is awarded the license, it will pay an upfront fee of $50 million. One thing similar about the two proposals is allotting some of the gaming positions to Midway and O’Hare Airports in partnership with the local government.

Neil Bluhm Submitted Two Casino Bids

Neil Bluhm also submitted two bids. The first proposes a casino at the Rivers Chicago at McCormick. This proposal calls for the rehabilitation of the Lakeside Center, eliminating years of building a new casino.

The company will also offer around 2,600 slot machines and 190 table games. Neil also proposed renovating the Arie Crown Theater carrying 4,200 seats.

The other proposal is dubbed Rivers 78 Gaming. This will stand on an 8-acre land riverfront entertainment district. It is a $2 billion project at the north of the mixed-used 78 community.

The project features a 300-room hotel, 2,800-position casino, an anchorage on the South Branch of the Chicago River. Neil also proposed to run a riverboat casino near the 78 before the company can complete building a permanent building.

Hard Rock Proposal

The last of the fifth proposal is from Hard Rock International. The company plans to use the ONE Center site to build a 1.7 billion casino property. It will feature a 3000 position casino, 500 hotel rooms on high rise hotel, and an entertainment venue living to the company’s signature music ambiance.

Hard Rock’s proposal also states that the company will run a temporary casino at the Lakeside Building Center before it moves to the ONE location after construction.

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