The City of Chicago unveiled the applications for its casino license late Friday, effectively burying it at the end of a news cycle, in another triumph for Mayor Lori Lightfoot (D) and her administration. The five submissions “are in line with our vision to develop a world-class experience in Chicago that will drive significant economic growth and employment opportunities for our communities,” said Lightfoot. The pitches break down alphabetically as follows:
Bally’s Corp. #1: To be sited at the Chicago Tribune Publishing Center, “an economic sleeping giant,” this $1.8 billion, two-phase project would include 100 hotel suites, 20,000 square feet of expo space, three restaurants—curated by Paul Kahan and Erick Williams—and rooftop “green space.” The casino would feature 95 table games and 2,700 slots. A “Best of Chicago” theme is planned. In a dig at its rivals, Bally’s wrote, “As our flagship property, Bally’s Chicago has no conflicting interest in the Chicago market. We don’t operate, own or partially own casino properties located elsewhere within the Chicagoland market. Simply put, Bally’s is conflict-free.” Even so, the company noted that it is already licensed in the Prairie State. Bally’s predicts a 20% ROI on the project (and if it doesn’t reach it, won’t build Phase II), which will have 25% Black and Latino ownership. This plan really needs to pencil out economically, as most of the amenities are in the second stage.
