The city\u2019s report indicates that a Chicago casino would reclaim at least $190 million in revenue that\u2019s currently generated by Indiana\u2019s northern casinos.<\/p>\n
Of the three, Rivers 78\u2019s proposal would include the most equity upfront, as it would only finance 67 percent of its development costs through debt. Both Hard Rock and Bally\u2019s plan to use debt for about 75 percent of their financing.<\/p>\n
Hard Rock\u2019s proposal states it generates the most casino jobs at 3,140. Rivers 78 would hire 3,068, while Bally\u2019s would need 2,002.<\/p>\n
\n
Hard Rock’s proposal estimated a need for more than 16,600 construction workers, possibly alluding to the number of workers for the entire ONE Chicago development. Bally\u2019s said 9,750 construction workers would be needed for phase one of its project, and 2,500 would be hired for the second phase.<\/p>\n<\/div>\n
Rivers would hire between 3,410 and 4,375 construction workers.<\/p>\n
All three would open temporary facilities, with Bally\u2019s and Hard Rock\u2019s slated to open in the second quarter of next year. Rivers 78 would open in the second quarter of 2024.<\/p>\n
Chicago Questions Hard Rock’s Timetable<\/h2>\n In a statement, the Hard Rock Chicago team said it was excited about the opportunity to build a new entertainment destination for the third-largest city in the US.<\/p>\n
“We look forward to a robust dialogue with city leaders about Hard Rock Chicago and what we bring to the table. Chicago is a global city that deserves a global operator,\u201d<\/strong> the company said in a statement.<\/p>\nHard Rock says it would be the quickest to open its permanent venue, doing so by the third quarter of 2025 \u2013 although the city questioned that as \u201cunrealistic\u201d in a footnote, pointing out the site needs foundation work and would require \u201csignificant\u201d intergovernmental approvals.<\/p>\n
Rivers 78 plans to be open by the fourth-quarter of 2025, while Bally\u2019s Tribune would open its permanent venue in the first quarter of 2026.<\/p>\n
The report notes that the 78 and Tribune sites would require fewer governmental approvals.<\/p>\n
\u201cSpeed to opening is extremely important in maximizing near-term City and State revenues,\u201d the report stated. \u201cEach year that a Chicago-based casino is not open means approximately $200 million in lost annual revenues to the city.\u201d<\/p>\n
What’s Next?<\/h2>\n Next, the city plans to hold community engagement sessions from April 5-7, with Hard Rock going on the first day, followed by Bally\u2019s, and then Rivers on subsequent days. A virtual session will also take place early next month.<\/p>\n
As those presentations will take place, city leaders will negotiate a \u201chost community agreement\u201d and make its final selection.<\/p>\n
After Chicago makes its selection, the Illinois Gaming Board will then begin its vetting process.<\/p>\n
Bennett said the city hopes to have a proposal selected by early summer.<\/p>\n","protected":false},"excerpt":{"rendered":"
And then there were three. On Tuesday, Chicago officials announced they had pared down the proposals under consideration for its casino resort project. In doing so, they eliminated two projects that were tied to the city\u2019s McCormick Place convention center. Left in the running are Bally Corp.\u2019s $1.76 billion proposal for the Chicago Tribune publishing […]<\/p>\n","protected":false},"author":45,"featured_media":206228,"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 Reveals Three Finalists for Casino Location<\/title>\n \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