Chicago has five competing casino bids. Here’s what’s proposed.
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Lori Lightfoot is looking at five proposals from three firms vying to run Chicago's casino. She wants to get a finalist to recommend to the Gaming Board by the first quarter of next year. The city needs the casino revenue to help plug its pension funding holes. The Illinois Gaming board will decide whether to award a license to a developer of a Chicago casino, which is one of the most consequential decisions Light foot will face as mayor.
Hard Rock International wants to build a casino in Chicago. Landmark Development needs $6.5 billion in state financing over 20 years to make the project work. The proposal to do that was shelved last month. The governor's office is focused on recovering from the pandemic. It's unclear how the casino might change the outlook for the overall proposal. The state legislature's fall session last week passed a measure that would have tasked the Illinois Finance Authority with reaching an agreement with the developer within 120 days.
Bally's has submitted two proposals to build a Bally’s Chicago casino. One is at the 30-acre Freedom Center site, which was acquired in 2019 by Nexstar Media Group. The other is in the Chicago Tribune Publishing Center, where the printing plant is located. Baly's owns and manages 14 casinos across 10 states. It made its entry into Illinois with the $120 million acquisition of Jumer”s Casino & Hotel in Rock Island.
Bally's wants to build a truck marshaling yard south of McCormick Place. Ald. Sophia King, 4th, is opposed to the idea. i in Bronzeville. i i.e. the nearby Bronze neighborhood. I am open to using this new revenue stream to help Chicago deal with its overwhelming fiscal responsibilities, but not at the expense of our communities.
Rush Street Gaming owns four casinos and is working on two separate proposals to build a Chicago casino. The first proposal is to redevelop the Lakeside Center at McCormick Place. It would create a 300,000-square-foot casino floor with the rest of the exhibit floor filled with food and beverage options. Farpoint Development is seeking a 99-year lease with Metropolitan Pier and Exposition Authority. The second proposal would be a proposed casino at The 78, a 62-acre megadevelopment along the Chicago River in the South Loop.
Chicago has five competing casino bids.
