New Casino In Chicago Il

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Illinois legislators approved a giant gambling-expansion bill that allows sports betting and as many as six new casinos, including one in Chicago, one of the world’s busiest tourism.

1. The new study, conducted by consulting firm Union Gaming Analytics, will analyze the viability of a Chicago casino under the new legislation, reporting back to the city, the Illinois Gaming Board.
2. South Suburbs Casino Update. SOUTH SUBURBS IL CASINO PROJECT South Suburbs, Illinois. Under the Rebuild Illinois Law enacted in June 2019 there will be two new casino gambling licenses issued in the South Suburbs of Chicago, Illinois. One license will be issued to a casino and the other to a racetrack (racino).

The Oct. 28, 2020, deadline for four new Illinois casino license decisions has come and gone. And none were handed out at Thursday’s special Illinois Gaming Board (IGB) meeting.

Instead, eight applicants will amend their license applications. Those are:

• 815 Entertainment, LLC d/b/a Hard Rock Casino Rockford (Rockford License)
• CDI-RSG Waukegan, LLC d/b/a Rivers Waukegan Casino (Waukegan License)
• Full House Resorts, Inc. d/b/a American Place (Waukegan License)
• Lakeside Casino, LLC d/b/a North Point Casino (Waukegan License)
• Southland LIVE, LLC d/b/a Southland Live (South Suburban License)
• South Suburban Development, LLC (South Suburban License)
• Walker’s Bluff Casino Resort, LLC (Williamson County License)
• Wind Creek, LLC (South Suburban License)

A Danville license is also up for grabs, but Haven Gamingwithdrew its application in July. The Wilmot family now holds principal interest but has yet to submit its materials to the IGB.

By law, the IGB has a year to rule on a casino application from the date it receives one. But if it doesn’t meet that deadline, it can hold a special public meeting or give a written explanation for an extension.

IGB Administrator Marcus Fruchter said on Oct. 27 that the board provided a written explanation for the delay to pending applicants.

He also said that the Rockford, Williamson County, Waukegan and South Suburban applicants could reasonably expect to have a decision within six months, which would set the new deadline at the end of April 2021.

The 2019 Illinois Gambling Actgreen-lit six new casinos in Illinois. The sixth, which will be located in Chicago, is moving even slower than the others.

Frustration mounting among casino applicants prior to IGB meeting

There were plenty of rumblings before the special meeting about applicants’ frustration with the slow-moving process.

In August, State Rep. Anthony DeLuca, D-Chicago Heights, and Kristi DeLaurentiis, executive director of the South Suburban Mayors and Managers Association, wrote a letter to the IGB urging them to speed up the process.

“We respectfully remind you that this south suburban license is long overdue and a decision delayed is a decision denied,” DeLuca and DeLaurentiis wrote. “COVID-19 cannot be allowed to serve as a reason for inaction. The deadline as set forth in the statute is approaching and the future of nearly a million residents rests in your hands.”

In a September board meeting, Fruchter appeared to point the finger back at the applicants, saying the following:

“The staff’s already substantial work is made more complicated when applicants and existing licensees neglect to provide timely, complete answers, documents and disclosures or responses to any other board requests. Most make timely and accurate disclosures, but the ones that don’t gum up the works for everyone.”

Illinois has 10 operating casinos

At the moment, Illinois has 10 open casinos. They are:

• Argosy Casino Alton
• DraftKings at Casino Queen
• Grand Victoria Casino Elgin
• Harrah’s Joliet
• Harrah’s Metropolis
• Hollywood Casino Aurora
• Hollywood Casino Joliet
• Jumer’s Casino & Hotel
• Par-A-Dice Casino
• Rivers Casino

That list will grow at some point, but key stakeholders can’t be thrilled with the 2019 bill’s implementation thus far.

SPRINGFIELD -- Gov. J.B. Pritzker signed a bill into law Tuesday that paves the way for development of a major casino in Chicago, something officials expect to provide significant revenues for the state's recently passed capital improvements plan known as Rebuild Illinois.

Lawmakers passed the bill during their special session in May. They initially approved a Chicago casino plan in the massive gaming expansion law enacted in 2019, but a subsequent study showed the taxes and fees included in that bill would have made such a casino financially infeasible.

New Casino In Chicago Illinois

The bill signed by Pritzker, Senate Bill 516, provides for a lower tax schedule that ranges from 22.5% to 77.4% of adjusted gross receipts from slot machines, and from 15% to 35% on table games. That revenue is split between the state and the city of Chicago, with the state getting the larger share of the cut.

In February, while the bill was being negotiated, Chicago Mayor Lori Lightfoot estimated that a casino could produce around $1.2 billion in revenue, with the bulk of that going into the state's coffers. That money is earmarked for so-called vertical construction projects such as hospitals and university campus improvements.

The city's share of revenue is earmarked for police and firefighter pension obligations, and a small amount is set aside for Cook County for criminal justice enhancements.

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'Working with the General Assembly and Mayor Lightfoot, we accomplished what eluded so many others, and now this momentous legislation tackles key priorities for the state of Illinois -- helping to ensure that Chicago can pay for first responders' pensions and alleviate the burden on property taxpayers, along with investing in universities and hospitals throughout the state,' Pritzker said in a statement. 'Thousands of Illinoisans will be working on these projects, earning a good living that will support their families as we do the important work of rebuilding our crumbling infrastructure and investing in the future.'

Casino In Chicago Il

Rep. Robert Rita, a Blue Island Democrat and one of the principal negotiators of the bill, called the bill signing 'a day many years and many long hours in the making,' adding that it would provide a boost to both the city's and state's economies.

New Casino In Chicago Il Illinois

Sen. Bill Cunningham, a Chicago Democrat and a lead sponsor of the bill, said it would provide 'a measure of financial stability to Chicago's public safety pensions' while at the same time providing relief to Chicago property tax payers.

Other provisions of the bill authorize the Illinois Department of Agriculture to operate video gambling terminals at the Illinois State Fair in Springfield and the DuQuoin State Fair. It calls on the agency to sign three-year contracts with licensed terminal operators, with money from those contracts going to each fair's capital improvements and harness racing funds.

The bill takes effect today.