The Chicago Bears have lived through a series of changes during their offseason. The first one came when they terminated the contract of Coach Matt Nagy and GM Ryan Pace. To fill up these positions, they went on to hire Matt Eberflus and Ryan Poles to take up the respective positions. This means that there is a new guard who will most likely want to infuse a personal touch to the manner in which the team operates.
The next big change was when the Bears traded off one of their team members, Khalil Mack to the Los Angeles Chargers. Even though no one has a preview of what might happen next, mayor, Lori Lightfoot ad the entire Chicago community are working hard to make sure one thing that doesn’t change; the fact that the Bears call Soldier Field home. That has been their home since 1971.
Not too long ago, the city authorities released mock photos and plans of the potential renovations that they envisioned for the historic stadium. For each of the available options, the greatest factor is who the main residents of Soldier Field are since the Chicago Fire call it home as well and will remain there even if the Bears’ decided to leave. This is a very important consideration because in September 2021, the Bears signed purchase agreement documents for the Arlington Park Racecourse. The new racecourse that the Bears are eyeing is situated roughly 30 miles northwest of Soldier Field on a 326-acre property that set back the team $197.2 million.
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How about an Illinois sportsbook at Soldier Field?
The Bears are in a partnership with BetRivers Sportsbook so there is no doubt that they have a partner with whom to go forward with sportsbook plans if they wanted to. In addition to that, there is no legal implication to having a retail sportsbook built outside the stadium. The most recent example of this is the ongoing construction courtesy of Chicago Cubs and DraftKings that has already broken ground on a sportsbook outside Wrigley Field. With a sitting capacity of 1,000 bettors, a walk- up counter and betting kiosks, it will be the first sportsbook built outside a Chicago sports venue.
Whether the plans to leave their current home on the lakefront for the Arlington Heights works for the Bears or flops, they would still have a sportsbook outside the stadium. It is also going to be a welcomed plan for Rivers because a recent proposal the company had made build a casino in Chicago was bypassed in favor of Bally’s casino.
Soldier Field renovation options
- Have each of the end zones rebuilt with columns that are strong enough to carry the weight of a dome that fully encloses the stadium.
- To have each of the end zones reconstructed using columns so as to make the stadium dome-ready.
- To remodel Soldier Field into a multi-purpose stadium with an inclination towards soccer then turn it into a concert venue that houses major concerts and events.
City officials are positive that the Bears will go with the option of renovating Soldier Field and stick there instead of moving to Arlington Heights. There is an existing lease between the City and the Bears that is supposed to run till 2033. The party that breaks this agreement will be liable to a fine of $84 million.
Renovation Points for Soldier Field
Given the fact that there is quite a huge following on sports leagues and a heightened interest in sports betting, the popularity of sportsbooks cannot be downplayed at whatever level. The Land of Lincoln is particularly experiencing a wave of sportsbooks popularity that cannot possibly be stopped. In March 2022, the revenue collected from sports betting from operators in Illinois totaled to a single-month record of $971 million.
The following are the changes that have been proposed for the Soldier Field if Bears dropped their moving plans and stayed.
- A dome that is fully enclosed
- An increase in the sitting capacity to around 70,000 up from the current 61,000, which is the lowest of all the NFL stadiums in the US.
- Addition of an extra seven suites to bring up the total to 140
- Building of six major clubs and experiential areas (a facility that the Soldier Field does not have)
- Upgrading of the beverage and food squares to occupy 200,000 from the current 50,000
- Enhanced opportunities in naming rights and sponsorship opportunities
- Construction of a maximum of four multipurpose areas for events that will host between 5,000 to 60,000+
One of the strongest selling points that the city authorities will be using to encourage the Bears to stay is the issue of cost; the idea that renovation work on Soldier Field would be more cost effective compared to building an Arlington Heights stadium from scratch. It is estimated that the total cost involved in doing the renovations would be between $900 million and $2.2 billion.
For purposes of reference, it is important to note that SoFi Stadium in Los Angeles was opened in 2020 having been built at a cost of $4.9 billion. The Allegiant Stadium based in Las Vegas was constructed at a total cost of $1.9 billion and opened its doors to business in 2020.
Final Thoughts
The idea for sports teams to have affiliation to a sportsbook is becoming the norm in the betting industry. While constructing a brand new establishment accords unique bragging rights to a project, going the renovations way is lighter on revenues and has a greater ROI promise. The greatest benefit however with either option is the direct taxes to the local authorities. It therefore makes sense that Chicago are eager for the Bears to stay because their business will mean business for the city as well.
