City officials recently revealed five competing plans for a new casino in Chicago. The evaluation process will continue through early 2022 when the City Council will finalize approval for one of the five bids.
Bally’s submitted proposals for two different casinos, Hard Rock submitted one proposal, while Rivers and Rush Street Gaming teamed up for two different bids.
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A Long Process with Many Hurdles
The city held a public meeting in mid-December for the casinos to present their plans to the public and answer any questions. Following this initial meeting, city officials plan follow-up meetings to present any revisions to the original plans. Once the mayor’s review team approves a final applicant, the applicant will submit an official application to the Chicago Plan Commission. Following that, the commission will hold a hearing on the proposed casino plan.
If approved, the proposed casino plan would be forwarded to the City Council Zoning Committee. After that, the proposal would be presented for a vote by the City Council. But that’s not the end of it. If the city council approves, the casino also needs the approval from the Illinois Gaming Board for a casino license. Once all of this is accomplished, the developer can create a temporary casino while the permanent casino is built.
Samir Mayekar, Deputy Mayor for Economic and Neighborhood Development praised all five proposals. Jennie Huang Bennett, the city’s Chief Financial Officer, expects a new casino could generate $200 million in tax revenue annually for Chicago.
Bally’s Proposal for the Chicago Tribune Freedom Center
The first of Bally’s two proposals is a $1.8 billion redevelopment of the Chicago Tribune publishing plant known as the Freedom Center. This includes 30-acres of prime real estate along the Chicago River. Bally’s will need to pay the city upfront $25 million. Both of Bally’s proposals include placing slot machines at Midway and O’Hare airports.
This casino would feature 173 table games and 3,400 slot machines. The 30-acre campus would also include a 500-room hotel, a food hall, six restaurants, three bars, a 70,000-square-foot, 3,000-seat entertainment facility, a 20,000-square-foot exhibition hall, and a sports museum.
The Chicago Tribune site’s temporary casino will be built in an existing building next to the building site.
Bally’s Proposal for the McCormick Place Truck Marshalling Yard
Bally’s second proposal is for a $1.6 billion project at the 28-acre McCormick Place Truck Marshalling Yard south of the convention center complex. If the proposal goes through, Bally’s will need to pay the city $50 million upfront for this location.
The Bronzeville casino will initially have 95 table games and 2,700 slots. This could eventually expand to 4,000 gaming stations. The plan also includes a 100-suite luxury hotel and five restaurants and bars. Bally’s also plans green space and a 1,000 seat outdoor music venue.
If this proves to be sustainable, Bally’s would expand with a 400-room hotel, including a rooftop pool and bar. But that’s not all. An eventual expansion would also include a 3,000-seat entertainment center, a 20,000-square-foot exhibition space, and a Chicago sports museum. Finally, Bally’s Bronzeville casino could add five more restaurants and bars.
Hard Rock’s Proposal for One Central
Hard Rock International’s proposal includes building a casino within the monumental One Central development, which has yet to receive city approval. The One Central project is seeking $6.5 billion in state funding.
Hard Rock’s One Central casino would cost around $1.7 billion. The new casino would include 165 table games, 3,400 slot machines, and a 500-room hotel. The One Central Hard Rock would also have a food hall, eight restaurants, six bars and a 3,500-seat music venue, and a spa.
Rivers’ Proposal for McCormick Place
Rush Street Gaming and Rivers have submitted two separate proposals, including a $1.3 billion casino at the Lakeside Center at McCormick Place.
Rivers’ will not need a temporary casino at this location; the developers believe the 583,000-square-foot exhibit space can be quickly turned into a casino. Moreover, the site already has a 2,900 room hotel. With a little bit of retrofitting and redecorating, McCormick Place can be transformed into a casino within a few months.
The Rivers proposal includes 190 table games and 2,600 slot machines. The McCormick Place casino would also feature a food hall, a dozen restaurants, and a dozen bars and lounges. The plan also includes renovating the 4,200-seat Arie Crown Theater.
Rivers’ Proposal for the 78 Development
Rivers’ second proposal is for a $2 billion casino within The 78, a 62-acre development along the river between Chinatown and the South Loop. The Rivers complex would span eight acres including a casino with 190 table games and 2,600 slot machines. The Rivers complex would also include a 300-room hotel, a food hall, eight restaurants, and five bars. The planned riverfront plaza includes a riverfront entertainment venue plus an observation tower with spectacular city views. The 78 temporary casino would be in a riverboat docked near the site.
