Bally's Chicago: Difference between revisions

Coordinates: 41°53′43″N 87°38′45″W / 41.8952774°N 87.6458309°W / 41.8952774; -87.6458309
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
No edit summary
Line 60: Line 60:
At first, a casino location was proposed on the south street of the [[McCormick Place]] near [[Lake Shore Drive]], however this proposal was rejected by the [[Chicago City Council]] in March 2022.<ref name=three>{{cite web|url=https://news.wttw.com/2022/03/22/chicago-s-casino-won-t-be-built-mccormick-place-chicago-officials-announce-3-finalists#:~:text=McCormick%20Place%20Proposals%20Rejected,Shore%20Drive%20and%2031st%20Street.|title=Chicago’s Casino Won’t Be Built at McCormick Place, Officials Announce as 3 Finalists Unveiled|publisher=WTTW|accessdate=May 5, 2022|date=March 22, 2022}}</ref> The [[James R. Thompson Center]] was also discussed as a possible casino venue.<ref>{{cite web|url=https://chicago.suntimes.com/2021/7/19/22583785/thompson-casino-repurposing-cta-letters|title=Turn the Thompson Center into a casino|date=July 19, 2022|accessdate=May 5, 2022}}</ref>
At first, a casino location was proposed on the south street of the [[McCormick Place]] near [[Lake Shore Drive]], however this proposal was rejected by the [[Chicago City Council]] in March 2022.<ref name=three>{{cite web|url=https://news.wttw.com/2022/03/22/chicago-s-casino-won-t-be-built-mccormick-place-chicago-officials-announce-3-finalists#:~:text=McCormick%20Place%20Proposals%20Rejected,Shore%20Drive%20and%2031st%20Street.|title=Chicago’s Casino Won’t Be Built at McCormick Place, Officials Announce as 3 Finalists Unveiled|publisher=WTTW|accessdate=May 5, 2022|date=March 22, 2022}}</ref> The [[James R. Thompson Center]] was also discussed as a possible casino venue.<ref>{{cite web|url=https://chicago.suntimes.com/2021/7/19/22583785/thompson-casino-repurposing-cta-letters|title=Turn the Thompson Center into a casino|date=July 19, 2022|accessdate=May 5, 2022}}</ref>


In May 2022 with Bally's Corporation bid being the official decision, the location of the casino and resort will be in the [[River West, Chicago|River West neighborhood]].<ref name=three/><ref>{{cite web|url=https://chicago.suntimes.com/2022/5/5/23058317/chicago-casino-ballys-lightfoot-selection-river-west-tribune-site|title=Bally’s River West casino proposal gets city nod|publisher=[[The Chicago Sun-Times]]|date=May 5, 2022|accessdate=May 5, 2022}}</ref>
In May 2022 with Bally's Corporation bid being the official decision, the location of the casino and resort will be in the [[River West, Chicago|River West neighborhood]].<ref name=three/><ref>{{cite web|url=https://chicago.suntimes.com/2022/5/5/23058317/chicago-casino-ballys-lightfoot-selection-river-west-tribune-site|title=Bally’s River West casino proposal gets city nod|publisher=[[The Chicago Sun-Times]]|date=May 5, 2022|accessdate=May 5, 2022}}</ref> The temporary location will open in mid-2023 with the permanent location opening in 2026.<ref>{{cite web|url=https://www.bizjournals.com/chicago/news/2022/05/05/ballys-corp-chosen-to-build-chicagos-first-casino.html|title=Bally's Corp. chosen to build Chicago's first casino|publisher=Chicago Business Journal|date=May 5, 2022|accessdate=May 19, 2022}}</ref>


== References ==
== References ==

Revision as of 17:16, 19 May 2022

Bally's Chicago
A rendering of the casino resort
Location Chicago, Illinois
Address 777 W. Chicago Ave
Opening date2026
ThemeModernism
No. of roomsEstimated 500[1]
Signature attractionsChicago River
Casino typeLand-based
OwnerBally's Corporation
Coordinates41°53′43″N 87°38′45″W / 41.8952774°N 87.6458309°W / 41.8952774; -87.6458309

Bally's Chicago is a proposed casino resort that will be built in Chicago, Illinois, the United States. In May 2022, Mayor Lori Lightfoot approved Bally's Corporation's bid to construct a casino complex in the city. The complex will be located in the city's River West neighborhood on the bank of the Chicago River. The proposal still has to go through the city council and gaming board approval in order for construction to begin.

Background

Further information: Proposed Chicago casino

In the 2019 mayoral election, the topic of constructing a casino in the city was a main subject to then-mayoral candidates Lori Lightfoot and Toni Preckwinkle with both singling their approval for the project.[2] The prospect of a casino location in Chicago predated the election with Illinois overseeing construction of gambling locations in non-Chicago areas.[3]

A legislation expanding gambling in Illinois was passed by the state legislature at the start of June 2019 and signed by Governor J. B. Pritzker.[4] However this bill did not approve the construction of a casino.[4] Shortly afterwards, Lightfoot announced that the city would commence study of where a Chicago casino would be located.[5] Lightfoot's predecessors had long sought to obtain a casino for the city.[5]

In November 2019 a gaming bill proposed by Pritzker failed to be passed in the Illinois Legislature due to a veto session.[6] Lightfoot cited that the bill's failed proposal would not impact the construction plans, however cited that the casino's potential revenue would greatly impact the city's budget and capital bill.[6] She continued to push, however, for the state to authorize a casino jointly owned by the city and state and with a lesser effective tax rate than the passed legislation specified.[7] The goal for a casino construction was to establish a $200 million in annual tax revenue from the casino to fund police and firefighter pension funds.[8]

Bidding process

The casino complex will be constructed alongside the Chicago River near the Chicago Avenue Bridge (pictured)

In April 2021, Lightfoot announced the beginning of the bidding process for the city's "casino-resort".[1] She stated that proposals must include plans for a 500-room hotel, meeting space, restaurants, bars and entertainment venues.[1]

In November 2021, Lightfoot announced the city's top five bids for a Chicago casino.[8] She set a public meeting for the proposals for December 16, 2021.[8]

In March 2022, the three bidding finalists were announced:

On May 5, 2022, Lightfoot announced that she had selected the bid from the Bally's Corporation.[10] The proposal still needs city council approval and Illinois Gaming Board approval.[11] Reaction to the casino selection was controversial with many residents living near the proposed site.[12]

Casino details

Freedom Center, where the casino complex will be constructed

When the Bally's Corporation sought their bid, they proposed a $1.6 billion casino and resort, where the current Chicago Tribune Publishing Center is located. Bally's has a option to buy the 30-acre site with the sellers.[13] The corporation has a plan to retrofit a former warehouse at the current Tribune plant in order to serve as a temporary casino while the casino is being built.[13]

The first phase of the process would cost $1 billion, which would include 2,700 slot machines, 95 table games, a suite-only hotel, with 100 suites.[14] There would also be an outdoor music venue with space for 1,000 people. After having a 20% return on investment from phase 1, Bally's would have a $600 million expansion. There would be a total of 4000 gaming seats with the expansion, a new 400 room hotel, a 3000 seat indoor venue, and a 20,000 feet exhibition space.[15] The temporary casino will be located at Medinah Temple at 600 N. Wabash Ave.[16]

The permanent location will include a 3,000 seat theater, an extension of the Chicago Riverwalk, pedestrian bridge, six restaurants, a food hall, and room for 3,400 slots and 170 game tables.[16]

Location

At first, a casino location was proposed on the south street of the McCormick Place near Lake Shore Drive, however this proposal was rejected by the Chicago City Council in March 2022.[9] The James R. Thompson Center was also discussed as a possible casino venue.[17]

In May 2022 with Bally's Corporation bid being the official decision, the location of the casino and resort will be in the River West neighborhood.[9][18] The temporary location will open in mid-2023 with the permanent location opening in 2026.[19]

References

  1. ^ a b c "Lightfoot Starts the Bidding on Chicago's 'Casino-Resort'". WTTW. April 22, 2021. Retrieved May 5, 2022.
  2. ^ "20 Questions With Chicago's Two Mayoral Candidates". WBEZ. Retrieved May 5, 2022.
  3. ^ "How Illinois Bet On Video Gambling And Lost". WBEZ. Retrieved May 5, 2022.
  4. ^ a b Munks, Jamie; Petrella, Dan (June 28, 2019). "Gov. J.B. Pritzker signs bills that ignite $45 billion construction program, massive gambling expansion and doubling of gas tax". Chicago Tribune. Retrieved July 11, 2019.
  5. ^ a b Byrne, John (3 June 2019). "Mayor Lori Lightfoot on Chicago casino: Big win, up next a study to decide where to put it". Chicago Tribune. Archived from the original on June 4, 2019. Retrieved 4 June 2019.
  6. ^ a b "Statement from Mayor Lori E. Lightfoot on Chicago Casino". City of Chicago. November 14, 2022. Retrieved May 5, 2022.
  7. ^ Spielman, Fran (14 October 2019). "Lightfoot floats casino, real estate transfer tax plans with Chicago delegation ahead of fall veto session". Chicago Sun-Times. Archived from the original on October 15, 2019. Retrieved 15 October 2019.
  8. ^ a b c "Lightfoot's Office Unveils Five Bids For A Chicago Casino; Public Meeting On Proposals Set For Dec. 16". CBS News. November 19, 2021. Retrieved May 5, 2022.
  9. ^ a b c d e "Chicago's Casino Won't Be Built at McCormick Place, Officials Announce as 3 Finalists Unveiled". WTTW. March 22, 2022. Retrieved May 5, 2022.
  10. ^ "Mayor Lori Lightfoot announces Bally's proposal as final pick for Chicago casino". ABC News. May 5, 2022. Retrieved May 5, 2022.
  11. ^ "It's official: Bally's casino in River West is Mayor Lori Lightfoot's pick for Chicago's gambling complex — but it's not a done deal yet". Chicago Tribune. Retrieved 2022-05-05.
  12. ^ "It's official: Bally's casino in River West is Mayor Lori Lightfoot's pick for Chicago's gambling complex — but it's not a done deal yet". Chicago Tribune. Retrieved 2022-05-05.
  13. ^ a b "Bally's plans temporary casino at vacant Tribune wharehouse". Chicago Tribune. April 7, 2022. Retrieved May 5, 2022.
  14. ^ "New Renderings And Details Revealed For City Casino Bids". Chicago IMBY. November 20, 2021. Retrieved May 5, 2022.
  15. ^ "Exec. Summary - Ballys at Tribune.pdf". Google Docs. Retrieved 2022-04-12.
  16. ^ a b "Photos: See What The Proposed Bally's Casino in Chicago's River North Will Look Like". NBC Chicago. May 5, 2022. Retrieved May 5, 2022.
  17. ^ "Turn the Thompson Center into a casino". July 19, 2022. Retrieved May 5, 2022.
  18. ^ "Bally's River West casino proposal gets city nod". The Chicago Sun-Times. May 5, 2022. Retrieved May 5, 2022.
  19. ^ "Bally's Corp. chosen to build Chicago's first casino". Chicago Business Journal. May 5, 2022. Retrieved May 19, 2022.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Bally%27s_Chicago&oldid=1088701597"