CHICAGO—Mayor Lori E. Lightfoot today announced the first steps toward the development of a new casino for the City of Chicago with consent on the selection of an independent consultant to perform an economic feasibility study. This study is required under the recently enacted legislation prior to developing, commissioning and operating a new casino in Chicago. Chicago's first-ever casino will create a dedicated new revenue stream for the City of Chicago.
"While a Chicago casino had been talked about for more than 30 years, today we are moving forward to ensure the new casino is viable for Chicago and all of its communities," said Mayor Lightfoot. "Thanks to our partnership with Governor Pritzker, Speaker Madigan, President Cullerton and other state leaders, together we are advancing a shared vision for new revenues that will benefit Chicago's severely underfunded pension funds, while generating new jobs and economic opportunity for communities across the city."
The study will analyze the economic viability of a Chicago casino within the legislative framework established by the new legislation. The third-party expert, with experience in regulations, operations, and gaming industry economics, will evaluate all relevant factors and report to the Illinois Gaming Board, the Illinois General Assembly, and the City of Chicago.
More on illi News
Union Gaming was selected through a procurement led by the Illinois Gaming Board and consented to by the City of Chicago. The Illinois Gambling Act requires the Illinois Gaming Board to select a consultant with the City's consent within 10 days of the bill becoming law. The consultant then has 45 days to complete its revenue forecast and to deliver its findings to the state and the city.
The feasibility study will evaluate the impact of various sites to determine the impact on financeability, however this process is not designed to select a site. The City has submitted five sites to be tested, each of which has been previously considered for a prospective casino or other major development in the past, and are largely comprised of publicly owned land. The sites include: Harborside (111th and the Bishop Ford Freeway); the former Michael Reese hospital (31st and Cottage Grove); Pershing & State; Roosevelt & Kostner; and the former U.S. Steel parcel (80th and Lake Shore Dr).
Before a permanent site for the location is selected, the City will facilitate an open and thorough community engagement process to solicit meaningful feedback on preferred areas throughout the city. This community engagement process will start with an online survey, followed by a series of community town hall-style meetings to be scheduled at a later date.
More on illi News
The passage of state law to authorize expanded gambling provisions statewide makes way for a City-driven process that will grant Chicago authority to determine what type of casino will be built and to partner with the Illinois Gaming Board to ensure it is operated and regulated appropriately. City Council approval of a casino is also required by ordinance.
A Chicago casino has been anticipated for several years, and only under Mayor Lightfoot's leadership has it received the requisite legislative approvals to go forward. Under the state law, new revenues from a Chicago casino will be directed to shore up Chicago's underfunded police and fire pensions. It is estimated that a Chicago casino will create thousands of jobs for the community.
"While a Chicago casino had been talked about for more than 30 years, today we are moving forward to ensure the new casino is viable for Chicago and all of its communities," said Mayor Lightfoot. "Thanks to our partnership with Governor Pritzker, Speaker Madigan, President Cullerton and other state leaders, together we are advancing a shared vision for new revenues that will benefit Chicago's severely underfunded pension funds, while generating new jobs and economic opportunity for communities across the city."
The study will analyze the economic viability of a Chicago casino within the legislative framework established by the new legislation. The third-party expert, with experience in regulations, operations, and gaming industry economics, will evaluate all relevant factors and report to the Illinois Gaming Board, the Illinois General Assembly, and the City of Chicago.
More on illi News
- RMB Capital Wealth Advisor Ben Bremen Moves to Minneapolis Office
- Kavana Rum to Join Koerner Distribution Portfolio Illinois
- Waco Family & Faith International Film Festival Launches with the Goals to Empower the Creative Spirit and Celebrate All
- Four Points by Sheraton to Open in Peoria, Illinois
- Former Brookstone and Home Depot Canada CEO Joins CEO Coaching International
Union Gaming was selected through a procurement led by the Illinois Gaming Board and consented to by the City of Chicago. The Illinois Gambling Act requires the Illinois Gaming Board to select a consultant with the City's consent within 10 days of the bill becoming law. The consultant then has 45 days to complete its revenue forecast and to deliver its findings to the state and the city.
The feasibility study will evaluate the impact of various sites to determine the impact on financeability, however this process is not designed to select a site. The City has submitted five sites to be tested, each of which has been previously considered for a prospective casino or other major development in the past, and are largely comprised of publicly owned land. The sites include: Harborside (111th and the Bishop Ford Freeway); the former Michael Reese hospital (31st and Cottage Grove); Pershing & State; Roosevelt & Kostner; and the former U.S. Steel parcel (80th and Lake Shore Dr).
Before a permanent site for the location is selected, the City will facilitate an open and thorough community engagement process to solicit meaningful feedback on preferred areas throughout the city. This community engagement process will start with an online survey, followed by a series of community town hall-style meetings to be scheduled at a later date.
More on illi News
- NATP announces its annual 2020 Conference
- ActiveCampaign Raises $100M Series B to Develop Next-Gen Customer Experience Automation (CXA)
- Music Street Journal: A New Dimension for a New Year
- World Encephalitis Day 2020 Encephalitis Conference
- Naperville Police Investigate a Second Weekend Gas Station Armed Robbery
The passage of state law to authorize expanded gambling provisions statewide makes way for a City-driven process that will grant Chicago authority to determine what type of casino will be built and to partner with the Illinois Gaming Board to ensure it is operated and regulated appropriately. City Council approval of a casino is also required by ordinance.
A Chicago casino has been anticipated for several years, and only under Mayor Lightfoot's leadership has it received the requisite legislative approvals to go forward. Under the state law, new revenues from a Chicago casino will be directed to shore up Chicago's underfunded police and fire pensions. It is estimated that a Chicago casino will create thousands of jobs for the community.
0 Comments
Latest on illi News
- Daniel Imperato CEO of Octobotic Inc. Taps Vinod Sujan Fmr. Oracle Exec. & Aarzoo founder
- IAOP and HCL Announce Winners of the Red Ladder Women in Outsourcing Awards
- Axiros Solution Enables Electronic Frontier UK to Manage Multiple Client Devices and CPE in the Telco/ISP Market
- Air Duct Cleaning NJ - Why Should I Clean my Home Air Ducts?
- GO Group Shares Top New Travel Items
- Straighten Your Smile at Home with Sensational Smiles
- Signature Tracks and Downtown Music Publishing Announce Strategic Partnership for Scoring Film, Television, And Advertising
- Naperville: City, North Central College to Celebrate Cardinals Football Title
- Interactive Touchscreen Solutions, Inc. Takes Ward Over Security Integrations with Direct 'Access' Visitor Management Solutions
- PCTEL Declares Regular Quarterly Dividend
- Chicago: Mayor Lightfoot Calls on Residents and Business Community to Support Puerto Rican Relief and Aid Efforts
- American Photographic Artists Opens Exhibit on January 24th
- Whale Watch Alaska Makes a Splash with TRYTN Partnership
- AutoQuotes Appoints New Chief Product Officer
- The Legacy of Jack LaLanne, The Godfather of Fitness, Introduced to a New Generation
- Tensiometer Market Worth $151 Million by 2024 - Exclusive Report by MarketsandMarkets™
- Viscosity North America Welcomes Two More From the Oracle ACE Program: Gary Gordhamer & Sean Scott
- Trondent Launches Another Travel Industry First: Pre-Trip Authorization with Artificial Intelligence
- ITCC: Be an IT Certification Innovator
- Vulcan Boot Camp Receives 2019 Savannah Award