Chicago Collects $40M Casino Upfront PaymentFirst Las Vegas-Style Casino Coming To City |
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The City of Chicago is moving forward with Bally’s as the developer of an upcoming casino, the first for the Windy City.
On June 16, Mayor Lori Lightfoot’s office announced that it has collected an upfront fee for the casino. Bally’s will develop a casino at the site of the Tribune Publishing Center.
“The City of Chicago received $40 million from Bally’s as part of an upfront payment that will go entirely toward the City’s annual required pension contribution,” the Office of the Mayor said. “This is the first down payment from the casino on the future of Chicago’s pensions and a clear indication of the City’s commitment to its hardworking public safety professionals.”
“In the years to come, the Chicago Casino is projected to bring hundreds of millions of dollars in revenues to the City, with many of those revenues earmarked for pensions,” Lightfoot added. “This builds upon last week’s signing of the host community agreement, which codified the casino license between the City and Bally’s. Mayor Lightfoot and her team look forward to building upon this success by bringing thousands of good-paying, union jobs and a world-class entertainment district to the River West neighborhood.”
Bally’s will also pay $4 million annually per year, according to Lightfoot’s office.
Bally’s will invest roughly $1.7 billion into the casino-hotel project. The casino is expecting 3,400 slots and 170 table games. Bally’s projected the development will create more than 3,000 construction jobs and 3,000 permanent casino jobs.
The Illinois casino gambling market was worth $1.7 billion in 2021, according to the American Gaming Association. There are 11 casinos in the state.
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