The time period “temporary casino” could also be within the eye of the beholder if latest Illinois laws is accredited. Bally’s just lately unveiled a brief on line casino within the metropolis’s Medinah Temple with plans to vacate the property after a everlasting facility is constructed in three years.
However, the state senate handed a invoice Oct. 24 permitting short-term casinos extra time to remain open. Current gaming rules restrict a brief on line casino to 24 months of operation, however enable for a 12-month extension.
The proposed legislation would now enable for extending a brief on line casino for any “period of time deemed necessary or appropriate” by the Illinois Gaming Board.” That might add significantly to the time the Bally’s Medinah Temple on line casino stays in operation.
More Time For Temporary Venues
State Sen. Bill Cunningham (D) proposed the invoice, which wasn’t aimed on the Chicago on line casino scenario. In Waukegan, Full House Resorts was compelled to delay constructing a everlasting on line casino whereas a lawsuit concerning the bidding course of continues to play out.
Cunningham stated Bally’s performed no position within the laws, however added that the brand new rule “could be helpful to the casino project at some point.”
“If there is a need for a safety hatch involving the Chicago project, this would provide that, too,” he informed the Chicago Sun-Times.
The state home of representatives was anticipated to take up the proposal this week. Bally’s officers have assured gaming regulators that the venture is on schedule and can break floor in July 2024.
The short-term venue has already seen greater than 157,000 guests since opening in September. The 34,000-square-foot property boasts 800 slots and 56 desk video games and is anticipated to supply 700 jobs and $50 million in tax annual income.
Permanent Casino Plans
Bally’s is planning a $1.7 billion on line casino at Freedom Center within the River West space on property alongside the Chicago River. The facility will embrace 3,400 slots, 170 desk video games, a 500-room lodge, a 3,000-seat leisure venue, six eating places, a meals court docket, three bars, and extra.
Company officers count on the venture to create hundreds of development jobs. City officers estimate $200 million in annual tax income to assist shore up police and hearth pension debt.
The metropolis owes greater than $35 billion to its 4 worker pension funds together with police, firefighters, municipal staff, and different laborers. Along with the tax income, Bally’s is sending the on line casino an preliminary price of $40 million, one other $4 million annual fee, and likewise making $75 million in infrastructure enhancements.