Chicago Mayor Lori Lightfoot on Tuesday denied reports from multiple news outlets that alleged that the city has chosen Bally’s proposal at the Chicago Tribune printing site to become Chicago’s first casino. She said the special committee tasked with evaluating all three casino bids has not yet completed its work.
Bally’s $2 billion project, which is a finalist bid along with two other proposals by Hard Rock and Rush Street Gaming’s Rivers 78, is the frontrunner for the city’s casino according to reports from the Chicago Sun-Times, Chicago Tribune and Crain’s. All cite sources saying an announcement could come soon.
“The reporting today in advance of even the evaluation committee meeting and making a recommendation to me, that’s just not accurate,” Lightfoot said Tuesday about those local reports.
The Aldermanic special committee is led by Alderman Tom Tunney, and is tasked with vetting all three proposals for the Bally’s Tribune site, Rivers 78 in the South Loop, and a Hard Rock Casino that would be near Soldier Field. The committee has only met once so far.
“If it ends up being Bally’s, and it ends up as the result of a corrupt, secretive process, I think it’s fair to say the residents of the north side will feel betrayed by this mayor,” said 2nd Ward Alderman Brian Hopkins, as reported by ABC 7 Chicago.
“We’ve tried to be as transparent as we possibly could be with a number of rounds of engagement,” Lightfoot said.
Bally’s casino would offer space for 3,400 slots and 173 table games. The bidder has projected the development will add 9,750 construction jobs and 2,002 permanent casino jobs. Bally’s is slated to open a temporary casino in Q2 2023 with the permanent location anticipated for Q1 2026. Bally’s has also offered up a $25 million upfront payment directly to the city if they land the casino, a quick cash infusion that the other bidders haven’t yet offered up. The city already projects Bally’s River West proposal as the most lucrative of the finalists, churning out estimated annual tax revenues of almost $192 million, according to the city report.
Each of the bidders held public hearings last month, where all three of them met opposition from local residents, which has been echoed by local aldermen. Concerns around all projects are similar. Area residents and businesses are worried about crime, traffic congestion, gambling addiction and fear that a mega-casino and entertainment complex will destroy the character of their neighborhoods and maybe even hurt local businesses.
Lightfoot has defended the project amid these increasing critics and said she won’t let that local opposition stand in the way of a Chicago casino needed to pay police and fire pension debt to prevent a major property tax hike. She says the projected tax revenue is between $175-195 million depending on the location. She has also reportedly asked $75 million from the winner selected from the three finalists, or a commitment to pay $40 million up front and $2 million a year later.
Lightfoot is pushing for a final decision in May or June.
