Chicago Reveals Details on Billion-Dollar Casino Bids, Presentations Set for Dec. 16
The companies behindhand the Little Phoebe proposals for Chicago’s casino-resort externalise will receive a chance to submit their plans to the public on Dec. 16. That’s according to a liberate from city officials on Friday that included more inside information nearly from each one of the applicants.
The investment totals for the proposals range of mountains from $1.3 1000000000000 to $2 billion. Developers offer to offer up between 2,600 to 3,400 one-armed bandit machines and between 166 and 190 table games.
The time and location for the proposition presentations testament be proclaimed at a later date.
In a statement, Windy City Mayor Lori Lightfoot said all of the proposals array with what metropolis leaders had in mind as they pursued a casino license. The Land of Lincoln general assembly granted the state’s metropolis the rights more than 2 years ago.
The proposals were submitted by Bally’s Corp., Hard Rock International, and Benjamin Rush Street Gaming. Bally’s and Rush Street both submitted II plans.
Those proposals testament follow reviewed past a team up of metropolis officials that will spend a penny a testimonial to Lightfoot. The squad testament include officials from several city departments. Consultants will also ply input on the proposals’ designs, feasibility, financial projections, traffic impact, workforce impact, and sound compliance.
The goal is to have got a bingle applicant nowadays to the Land of Lincoln Gaming Board for licensure past the firstly quarter of next year.
Details from apiece proposal are found below.
Rush Street’s Revamp of Cyrus Hall McCormick Place
Of the quintuplet proposals, the smallest – inwards terms of investment – would also live the one to the highest degree likely to open up the quickest.
Chicago-based Rush Street Gaming would enthrone $1.3 1000000000 to renovate the Lakeside Center of Cyrus Hall McCormick Place, the city’s rule center. The gambling casino there would include 2,600 slots and 190 tabular array games. It would include a dozen restaurants and quadruplet bars and lounges. That’s in improver to full-service bars at sevener restaurants.
Rush Street does non suggest to establish a hotel but instead relies on the 2,900 rooms surrounding North America’s largest pattern center. If necessary, Rush Street would build a 250-room expansion.
The cassino would also lineament a 4,200-seat Arie Crown Theater and offer up outdoor dining and entertainment options with a scene past Lake Michigan.
In the proposal, Benjamin Rush Street said that background would make a “dramatic facility” rivaling “destination casinos” crossways the globe. It would also offering covered access to Cyrus Hall McCormick Place, which would follow a drawing identity card for normal visitors.
Rush Street’s $2B Rivers 78 Proposal
Rush Street also proposes the largest investment inwards a partnership with Related Midwest. Rivers Casino at The 78 would live a $2 one million million evolution inward The 78, a Related Midwest development billed as the city’s newest neighborhood.
It would feature film the same amount of slots and tables as Rush Street’s Cyrus McCormick proposal. However, the riverfront casino would add up with a 300-room hotel, eight restaurants and cafes, and pentad bars.
A signature tune feature of the proposal is a 1,000-foot-plus observance tower with indoor and outdoor viewing space. Rivers 78 also would include a multi-purpose venue along the Windy City River.
While the permanent bodily structure was existence built, Benjamin Rush Street would place upward a temporary locale inward a riverboat docked at the neighborhood.
Once completed, Rush Street and Related Midwest said Rivers 78 would attend to as i of the city’s upside holidaymaker attractions, with projections of 7 million visitors annually.
Bally’s Eyes Tribune Printing Plant
Bally’s is offering two nearly superposable casinos, with the only major differences existence the locations and the $200 zillion added cost for the casino. That gaming installation would live built at the electric current location of The Chicago Tribune’s printing plant, compared to the ace inward Bronzeville at the Cyrus Hall McCormick Place Truck Marshalling Yard S of the normal center.
Both casinos would offering 3,400 slots and 173 tabular array games. The hotel tower would feature article 500 rooms, and the resort would include 6 restaurants, trine bars, and a food hall. Each situation would include a 3,000-seat entertainment midpoint and 20,000-square-feet of exposition space.
If the McCormick situation is selected, Bally’s would give the city $50 million. It would present the city $25 billion if the Tribune site is picked.
The Tribune externalise would be $1.8 billion, while the Cyrus Hall McCormick situation would cost $1.6 billion.
In both proposals, Bally’s said the Windy City gambling casino would be a “flagship property,” and dissimilar Benjamin Rush Street and Hard Rock, it does not own or operate any other casino in the Windy City market.
However, the McCormick land site does human face opposition from the city alderman who represents the neighborhood.
Despite that opposition, Windy City CFO Jennie Huang Bennett said Fri that all proposals testament live treated as and fairly.
The Tribune land site northwards of Mae West Chicago Avenue would be Bally’s whirligig plectron for a temporary venue. But it may also select Cyrus Hall McCormick South if the Marshalling Yards is picked.
Hard John Rock Proposes $1.7B Casino-Resort
Hard Rock proposes a 3,000-slot gambling casino with 166 table games at the planned ONE Central site simply northerly of John McCormick Place. The Florida-based accompany expects to place $1.7 one million million inwards the project
A hotel tower would feature film upward to 500 rooms, and the holiday resort would include eighter from Decatur restaurants and half a dozen bars. a 3,500-seat Hard John Rock Live amusement center of attention would be a featured amenity, as comfortably as a spa and a Hard Rock Music and Entertainment Experience.
Hard Rock’s proposal, submitted with partner Landmark Windy City Interests, indicated that the cassino resort reinforced next to III other urban districts will aid play 15 one thousand thousand unexampled visitors to the market.
If selected, Hard Rock plans to apply either the John McCormick Lakeside Center, John McCormick Place North, the normal center’s S parking lot, or other tracts within ONE Central as its temporary gambling casino site. That site would be ready within six-to-nine months after getting all regulatory approvals.
Selection Process Carries Into 2022
The selection outgrowth may include a number 1 slice of proposals, which would and then trail metropolis officials to commence negotiations with the remaining bidders. That may also include a subsequent public encounter where those applicants will unveil changes they’ve made to their proposal.
Once the urban center selects its winning bid, the City Council would think about an ordinance of support. That companion would also state a planned evolution application.
Before the ordinance of supporting would be approved, the city’s Plan Commission would support a audience on the developing application. The council’s Committee of Zoning, Landmarks, and Building Standards would also give hearings before the total council would voter turnout on the ordinance.
“Those are sort of treat steps that we expect to materialise inwards 2022,” Deputy Mayor Samir Mayekar said Friday. “Hopefully on the before side.”
If the City Council so approves the ordinance, the applier would and then go away before the IL Gaming Board for licensure.
The clip compose for the IGB’s survey is unknown. However, the board is stock-still reviewing applications for unexampled casinos inwards other parts of the state.
Economic Projections Still Being Evaluated
Once approved, the permission holder would hold the opportunity to surface a temporary venue spell it’s building the permanent facility. The temporary cassino would live allowed to control for 24 months before the lasting complex body part opens, although the city would debate a 12-month extension.
The metropolis also gave bidders the choice to follow installing slots at its deuce airports. But Floyd Bennett said the urban center stock-still needed to talking with the bidders to ascertain if they were interested in those opportunities.
Bally’s said it intends to work with the urban center on determining how many of its 4,000 available seats it would utilize at O’Hare International and Midway. That’s according to the sections of the proposals released Friday,
Chicago officials sought-after(a) a gambling casino permit because it sees the revenues the resort hotel attractive force could generate. It would be a paint germ of income to assist it cover version its burgeoning public pension off costs. Floyd Bennett said the city’s law and firing departments feature unfunded pension off liabilities of $11 1000000000000 and $5 one million million respectively.
Union Gaming Group has estimated the metropolis could invite $200 one thousand thousand annually in gambling casino revenues to assist shore up those funds.
“We are ease inward the treat of reviewing the detailed projections and economic impact studies that were provided with the proposals, and are underdeveloped our have estimates on revenues and economical impact,” Bennett said. “But importantly, we know that in that respect testament live a material improvement to revenues to the city, as comfortably as boilersuit economical impact.”
Initially, cassino proposals were to live due inwards August. However, after the city raised concerns nearly a possible want of bidders, officials extended the deadline to Oct. 29 and openly encouraged companies to bow bids.
Hard John Rock Chairman Jim Ethan Allen said discussions with Windy City officials played a cay role inward the company’s conclusion to pee-pee a bid.
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