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In its feasibility study, UGA said at that tax rate, a potential operator could find it difficult to obtain financing from lenders, and even if it could get the project off the ground, the company would need to generate substantial non-gaming revenue to offset the hefty tax burden.<\/p>\n<\/div>\n
Lightfoot is hoping that a Chicago gaming property will plug firefighter and police pension shortfalls in the city’s budget, which she estimates to be $838 million.<\/strong><\/p>\nA representative from her office said Chicago is continuing to engage lawmakers in Springfield (the state capital) \u201cto revise the legislation.\u201d<\/p>\n
Opposition To Beale’s Plan<\/h2>\n
Beale’s effort, though still fresh, is already facing opposition. Alderman Scott Waguespack, who represents the 32nd<\/sup> ward, said the mayor needs to work with state lawmakers on the tax issue, get that fixed, and then solicit RFPs.<\/p>\n\u201cOtherwise, we\u2019re setting ourselves up for failure,\u201d said Waguespack in an interview with the Chicago Sun-Times. <\/i>\u201cPicking one person right off the bat without knowing where that location is and what Springfield is gonna do would backfire. I don\u2019t think you can do business that way<\/strong>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Alderman Anthony Beale, who represents Chicago’s ninth ward, says he has a location on the South Side that would be ideal for a casino, and is urging Mayor Lori Lightfoot (D) to alter the process the city is using to make a gaming project a reality. The site Beale is pitching is at at 103rd […]<\/p>\n","protected":false},"author":46,"featured_media":116312,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,61],"tags":[],"acf":[],"yoast_head":"\n
Chicago Politician Beale Has Bold Casino Plans - And Opposition<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n