CHICAGO (WBBM NEWSRADIO) -- Chicago is looking for input in regards to its first casino.
The City of Chicago issued Thursday a Request for Information to solicit creative ideas and potential strategies to develop and operate a world-class casino in Chicago.
According to the Mayor's Office, the RFI presents an opportunity for the city to get the perspective of leading casino operators and real estate developers on key issues that will be considered when it evaluates proposals for a Chicago casino.
“After securing favorable legislation that had eluded us for decades, Chicago can finally pursue a once in a generation opportunity to bring a casino to our city, generating hundreds of millions in new gaming revenues to shore up the city’s pension obligations and drive huge levels of infrastructure funding in Illinois, as well as creating thousands of new and much needed jobs for local residents,” said Mayor Lightfoot. “This is the right time to begin having these discussions as we continue to lay the foundation to make a strong recovery from the impacts of the COVID-19 pandemic.”
In June 2019, gaming expansion legislation was signed into law by the Illinois legislature authorizing a Chicago casino; but the approved bill imposed an effective tax rate of approximately 72 percent making it nearly impossible to develop a profitable Chicago casino, according to a feasibility study published by Union Gaming Analytics.
Earlier this year, Mayor Lightfoot redoubled efforts and worked with the state legislature to amend the law to lower the tax rates and make a Chicago casino a reality.
"The Chicagoland Chamber of Commerce supports initiatives that spur economic development, jobs, opportunities and revenue for both businesses and Chicago. When Mayor Lightfoot spoke to me about the possibility of a Chicago casino, we lent our support and continue to be a strong advocate for this project. Now, more than ever, our city needs a project like this to help revitalize Chicago’s economy, provide jobs for working men and women and invigorate the direct and indirect support for small businesses at a time which is sorely needed. I'm thrilled to see the Chicago casino take this important next step and the Chicagoland Chamber looks forward to continuing its work with Mayor Lightfoot and the city to make it a reality,” said Jack Lavin, president & CEO, Chicagoland Chamber of Commerce, in a statement.
RFI respondents will be asked to share their views on critical issues such as the requirements for operating a temporary casino, recommendations on the size and scope/physical footprint of a gaming complex, their vision for leveraging Chicago’s existing urban assets and how they imagine addressing COVID-19 as part of the development. The RFI is meant as a first step in the casino development process.
Responses to the RFI must be emailed to the city by Oct. 21 at chicagocasino@cityofchicago.org. To review the RFI, visit www.chicago.gov/chicagocasino.