CHICAGO (WBBM NEWSRADIO) --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, according to a statement from Mayor Lori Lightfoot's office.
The future casino is expected to bring hundreds of millions of dollars in revenues to the city and many of those revenues will be reserved for pensions.
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," the Mayor's office said.
Lightfoot also hopes to create a casino community advisory council. Those interested in serving on the can apply online at chicago.gov/chicagocasino.
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