In 2019, lawmakers in Chicago approved the construction of a new, state-of-the-art casino resort in Chicago. This new casino was part of the state’s larger plan to construct 6 new casinos thanks to a new capital plan. However, the casino resort, which was a core part of the city’s capital plan, is yet to be constructed as the state officials are still debating and finalizing the finer details.
At present, the city officials are discussing the best location for the casino resort, which has continued to halt construction. Myriad issues have continued to prevent progress, chief amongst them being the casino resort’s location. Some officials have suggested McCormick Place as one of the locations but some of the other officials remain split on the decision.
Although McCormick Place, which is a massive convention center, is already viable to host a temporary casino. Some of the officials are against using it as a location for fear of tainting, what is considered one of the most vibrant locations in the city, with gambling. Out of the voting officials, only 38% are for this location, which means that several other areas of the city are also under contention.
Chicago laid its cards on the table and expressed its intention to build this casino resort at the start of last year. City leaders had the goal of building a world-class resort in the nation’s 3rd largest city that would draw locals while attracting international tourists. The city was hoping that the revenue generated from the casinos would help to get Chicago back on its feet after a particularly challenging pandemic period.
Mayor Lori Lightfoot announced that the city would officially start seeking proposals to operate a world-class resort, which would include an array of amenities such as a casino, restaurants, bars, as well as a hotel capable of hosting 500 guests. The operator of the resort would also be responsible for running slot machines at both airports in Chicago. In general, the winning operator would be permitted to operate close to 4,000 “gaming positions where residents would place their bets.
Those interested in applying were encouraged to send in their applications, which were presented in September 2021. The winner was expected to be picked at the start of this year, although that is yet to happen. To ensure that the winning operator generated early revenue for the cash-strapped Chicago, the winning license will be allowed to open a temporary casino at a site of their choice for up to 2 years.
Sports betting in the country has grown from strength to strength ever since legal sports betting was given the green light in 2018. As such, city officials know that there is a high demand for gaming, especially after the pandemic-related closures that took place 2 years ago. As such, the casino is expected to be a huge part of Chicago’s economic recovery.
The casino is anticipated to revive a struggling gambling market while also creating thousands of jobs for locals. So far, one of the things that appear to be holding the state back is the location of the casino resort. In 2019, a study was conducted that reviewed the viability of 5 different sites outside downtown, which included a review of an old steel plant site.
Unfortunately, officials would eventually recommend that the casino be situated closer to the Chicago business district, which is where it would stand to be most successful. In total, 11 companies, as well as various neighborhood groups were included as part of the debate and were encouraged to weigh in on the casino resort project.
Some of those casino operators encompassed in the debates include major Nevada-based casino operators MGM Resorts International and Wynn, alongside Rush Street Gaming, which is headquartered in Chicago. Non-profit developer Chicago Neighbourhood Initiatives was also involved in the discussions.
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A Decision Needs to Be Made Fast
It is imperative that the officials make a decision sooner rather than later. That’s because as Chicago continues to lay down its plans, so are its neighbours. As a result of a gambling expansion plan that was signed by Governor J.B. In 2019, 6 new casinos are expected to be erected, in addition to Illinois’ already existing 10.
Neighbours Indiana and Wisconsin have also been eyeing legal sports betting. Last year, the $300 million Hard Rock Casino opened in Gary. This new Hard Rock replaced the old Majestic Star Casino located next to Lake Michigan. Gary is only located 30 miles from Chicago and has already proven to be a game-changer according to the area representative Indiana State Senator Eddie Melton.
Wisconsin Governor Tony Evers, on the other hand, also gave the green light last year for a Ho-Chunk Nation casino in Beloit. This Beloit casino will be situated close to the border of Illinois and will only be approximately a 90-minute drive from Chicago. This new complex is expected to include numerous high-end amenities including a 40,000 indoor waterpark, as well as a 300 room hotel.
Last year, the mayor confirmed that the city had received 5 bids for the casino resort project. Bally’s Corporation, Rivers 78 Gaming, HR Chicago, and Rivers Chicago at McCormick are some of the brands that expressed interest to construct the mega casino. Bally submitted a proposal to erect 2 different sites, one at the Chicago Tribune’s North site situated next to Chicago Avenue and Halsted, while the other site was the McCormick Place truck.
If plans go as expected, the proposed casino is expected to be the largest in the state, which means that millions are already at stake. Officials need to agree on the best way forward soon so that the city can start generating the funds it needs to start its financial recovery.
Final Thoughts
Illinois is known for having one of the most vibrant gambling markets in the Midwest. Since sports betting debuted in the state in 2020, Illinois’ sports betting market has grown to become one of the biggest and most successful. Just recently, Punters in Illinois staked close to $61 million on the Super Bowl. The state also ended December last year having generated close to $800 million to make it the 3rd highest revenue generator in the country.
