Casino gaming might not have been the boon to metropolis coffers that Chicago leaders envisioned – at the very least after the primary few months of operations on the Bally’s non permanent venue. The property opened in September and up to now, town’s projections for tax income have been off, significantly.
According to the Illinois Gaming Board, the property has yielded $30 million in income since opening in September. The metropolis receives $3.1 million of that in tax income, however that falls nicely wanting the previous Mayor Lori Lightfoot (D) administration’s projection of $12.8 million – a $9.8 million shortfall.
City officers have famous that the administration “did not budget for any tax revenues from the Chicago temporary casino in 2023. Additionally, the city regularly reviews the performance of all revenue sources and adjusts forecasts, as necessary.”
Coming Up Short, But Hopeful
Lightfoot labored for years to carry a on line casino inside the Chicago metropolis limits and her administration introduced in May that Bally’s had received a bid for the property.
The firm plans to construct a $1.7 billion on line casino resort at Freedom Center within the River West space. The on line casino will provide 3,400 slot machines, 170 desk video games, 500-room resort, 3,000-seat leisure venue, six eating places, and extra. Construction is anticipated to start this yr with the property opening in 2026.
The non permanent on line casino, nonetheless, is situated within the Medinah Temple constructing and has solely 800 slots, 56 desk video games, and two eating places. Despite being situated inside the metropolis limits, the on line casino does face competitors from casinos across the Chicagoland space and throughout state strains in Indiana.
In early December, the Hollywood Casino formally made the transfer from riverboat operation to land-based property. The $350 million Penn Entertainment on line casino is adjoining to the Chicago Premium Outlets and replaces the present Hollywood Casino, which was situated on the Fox River since 1993.
Construction additionally not too long ago started on a brand new Hollywood on line casino in Joliet as nicely, additionally transferring that riverboat operation on land in a brand new $185 million complicated. Whether the plethora of on line casino competitors surrounding Chicago led to decrease tax income wasn’t talked about by metropolis officers.
Despite the missed projections, Mayor Brandon Johnson’s (D) administration stays hopeful that issues will flip round. December noticed Bally’s entice 100,000 guests, the best on line casino attendance within the state. That produced the best month-to-month income whole but for Bally’s, with $8.5 million in gross income with $864,645 going to metropolis taxes.
“We’ve added free parking, new promotions, and expanded hours to meet customers’ expectations,” Vice President and normal supervisor Mark Wong stated. “Our guests have responded positively.”
The on line casino has additionally made another headlines in current weeks. News broke in December that the bidding course of for the on line casino is dealing with metropolis and federal investigations concerning alleged financing of the on line casino and potential conflicts of curiosity.