CHICAGO (WBBM NEWSRADIO) - Mayor Lightfoot announced Thursday morning that she has chosen to partner with the Bally’s Corporation and have the first city casino built at their proposed site, the River West Tribune Publishing plant.
“Following significant analyses and community input on all aspects of our three finalists for Chicago's casino license, the selection committee and I have chosen Bally's to move forward in the development of the City's first integrated casino resort. We are confident that Bally's Tribune Publishing Center development will shore up the City's pension funds, create thousands of good-paying jobs, and lead to a bright financial future for our city,” said Lightfoot in a press release.
Bally’s estimates the construction of the project will cost $1.7 billion. It is expected to include a 3,000 theater, a pedestrian bridge, 500-room hotel, outdoor music venue, and six restaurants. Bally’s also claims the development will create 3,000 construction jobs annually, and once built, 3,000 permanent jobs.
“Chicago is a unique and vibrant city, deserving of world-class gaming and entertainment destination that is of, by, and for the people by driving the local economy, supporting local labor, creating multigenerational wealth for minority investors, and showcasing the best of what the City has to offer,” said Chairman of Bally’s Corporation Board of Directors Soo Kim.
The idea of a Chicago casino gained momentum three years ago when state legislation for a casino license passed. Nearly two years later, the city began hearing proposals, and in March, the field was narrowed to three finalists. Besides, Bally’s one finalist was Hard Rock’s ONE Central Site, located near McCormick place along the lakefront. The third finalist was River’s 78 Site which would have been in the South Loop.
The mayor’s office claims the new casino will generate around $400 million in gaming and other revenues for the city and the state.
The proposed Bally’s casino still needs approval from the city council and the Illinois Gaming Board.
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