Hard Rock<\/a> plans to use either the McCormick Lakeside Center, McCormick Place North, the convention center\u2019s south parking lot, or other tracts within ONE Central as its temporary casino site. That site would be ready within six-to-nine months after getting all regulatory approvals.<\/p>\nSelection Process Carries Into 2022<\/h2>\n
The selection process may include a first cut of proposals, which would then lead city officials to begin negotiations with the remaining bidders. That may also include a subsequent public meeting where those applicants will unveil changes they\u2019ve made to their proposal.<\/p>\n
Once the city selects its winning bid, the City Council would entertain an ordinance of support. That company would also submit a planned development application.<\/p>\n
Before the ordinance of support would be approved, the city\u2019s Plan Commission would hold a hearing on the development application. The council\u2019s Committee of Zoning, Landmarks, and Building Standards would also hold hearings before the full council would vote on the ordinance.<\/p>\n
\u201cThose are kind of process steps that we expect to happen in 2022,\u201d <\/strong>Deputy Mayor Samir Mayekar said Friday. \u201cHopefully on the earlier side.\u201d<\/strong><\/p>\nIf the City Council then approves the ordinance, the applicant would then go before the Illinois Gaming Board for licensure.<\/p>\n
The time frame for the IGB\u2019s review is unknown. However, the board is still reviewing applications for new casinos in other parts of the state.<\/p>\n
Economic Projections Still Being Evaluated<\/h2>\n
Once approved, the license holder would have the opportunity to open a temporary venue while it\u2019s building the permanent facility. The temporary casino would be allowed to operate for 24 months before the permanent structure opens, although the city would consider a 12-month extension.<\/p>\n
The city also gave bidders the option to pursue installing slots at its two airports. But Bennett said the city still needed to talk with the bidders to see if they were interested in those opportunities.<\/strong><\/p>\nBally\u2019s said it intends to work with the city on determining how many of its 4,000 available seats it would utilize at O\u2019Hare International and Midway. That’s according to the sections of the proposals released Friday,<\/p>\n
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Chicago officials sought a casino license because it sees the revenues the resort attraction could generate. It would be a key source of income to help it cover its burgeoning public pension costs. Bennett said the city\u2019s police and fire departments have unfunded pension liabilities of $11 billion and $5 billion respectively.<\/p>\n<\/div>\n
Union Gaming Group has estimated the city could receive $200 million annually in casino revenues to help shore up those funds.<\/p>\n
\u201cWe are still in the process of reviewing the detailed projections and economic impact studies that were provided with the proposals, and are developing our own estimates on revenues and economic impact,\u201d Bennett said. \u201cBut importantly, we know that there will be a material improvement to revenues to the city, as well as overall economic impact.\u201d<\/p>\n
Initially, casino proposals were to be due in August. However, after the city raised concerns about a possible lack of bidders, officials extended the deadline<\/a> to Oct. 29 and openly encouraged companies to submit bids.<\/p>\nHard Rock Chairman Jim Allen said discussions with Chicago officials played a key role in the company’s decision to make a bid.<\/p>\n","protected":false},"excerpt":{"rendered":"
The companies behind the five proposals for Chicago\u2019s casino-resort project will get a chance to present their plans to the public on Dec. 16. That\u2019s according to a release from city officials on Friday that included more details about each of the applicants. The investment totals for the proposals range from $1.3 billion to $2 […]<\/p>\n","protected":false},"author":45,"featured_media":192525,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\n
Chicago Reveals Details on Billion-Dollar Casino Resort Proposals<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n