Chicago’s drawn-out casino sweepstakes is down to three-of-a-kind, as Mayor Lori Lightfoot on Tuesday passed on a pair of proposals tied to McCormick Place — and extended her selection process by at least a few months.
drawn-out casino sweepstakes is down to three-of-a-kind, as Mayor Lori Lightfoot on Tuesday passed on a pair of proposals tied to McCormick Place — and extended her selection process by at least a few months.
Eliminated from consideration were a separate proposal from Bally’s that had eyed the McCormick Place truck marshaling yards south of the convention center, and another that sought to overhaul the convention center’s aging, sparsely used Lakeside Center. That bid was backed by billionaire casino magnate Neil Bluhm, who remains in contention with the 78 proposal.
The city estimates the Bally’s Tribune site would deliver $176.9 million or $191.7 million to city coffers each year, depending on how big of a hotel they’d build. Their nearly $1.8 billion plan at 777 W. Chicago Ave. calls for 2,700 slots, 95 table games, a "Second City" club and a Chicago sports museum.Illinois gambling regulators have placed their bets on two companies who promise to build posh casinos in Chicago's suburbs.
"As we look at the magnitude of what MPEA would need to do in order to design, build and construct that, it creates some execution risk for the city and our ability to get a casino in place as quickly as possible," she said.
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