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Chicago City Hall releases details of casino proposals

Chicago City Hall releases details of casino proposals

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The city of Chicago has finally revealed details of the five proposals that will compete for the licences to build and operate a downtown casino. They have also set a strict timetable in order that the projected annual revenue of $200m can come sooner rather than later. Maximising revenue is essential, as these earnings are already earmarked for police and fire pension funds that are on the verge of bankruptcy. The players are Bally’s and Rivers McCormick, with two proposals each, and Hard Rock. The five proposals all differ in location, financial commitment and timescale. Investment levels vary between $1bn and $2bn, and all feature extensive entertainment, leisure and hotel facilities, as well as gaming.

Chicago City Hall is launching a public engagement process with a public hearing on December 16th, where developers will make presentations and answer questions. This will be followed in early 2022 by detailed negotiations with the developer recommended by a city review committee and chosen by the Mayor and approval by the City Council and the Chicago Plan Commission.