Sometime today, Chicago Mayor Lori Lightfoot (D) is expected to ramrod her choice of Bally’s Corp. through the City Council. Why the unseemly haste? Lightfoot desperately covets Bally’s $40 million in upfront money to prop up the Windy City’s tottering civic budget, $306 million in the red, although some experts say the math doesn’t add up. Worse yet, Lightfoot knows it, judging from her attempt to jack up the property-tax assessment on the Bally’s Tribune site. It would be levied at $125 million … permanently. (So much for depreciation.) According to The Real Deal, “While Bally’s and owners of at least 25 percent of it could object to higher valuations, they couldn’t argue that it’s less than any amount below the minimum.”
In return, Bally’s would be allowed to slide on Lightfoot’s 30% minority-owned contracting demand, to say nothing of her 10% women-owned contracting edict. A “good faith effort” will now suffice. Also, controversy has not died down regarding Lightfoot’s designation of Medinah Temple as the temporary-casino site, in an apparent attempt to reward a george campaign donor. Said Zoning Committee Chairman Tom Tunney, an opponent of the rushed vote, “Even though Medinah is empty, it’s in the middle of a very congested area. They’re saying that there’s plenty of parking around the Medinah Temple because Medinah itself doesn’t have any parking. But parking was there before Medinah. So the question, in my opinion, is what’s the utilization rate right now? There’s a liquor moratorium. So the ordinance is going to exempt the casino from local liquor moratoriums. That’s a problem.”
Continue reading Chicago casino doesn’t compute; Diller dinged; Boardwalk brouhaha
