Chicago scored a victory when Illinois lawmakers approved Chicago’s proposal to open a Las Vegas-style casino to revitalise tourism and bring in new revenue for that city. Chicago has tried previously to obtain a casino license approved but has not had much success in the past.
However, the approval of casino was obviously a big positive to the city along with the beginning of the long and arduous process to have things up and running. Chicago officials must first navigate the contentious path of selecting a place and having state lawmakers to vote on their plan to increase the risk for casino more profitable.
The opening of Chicago’s Las Vegas-style casino will make Chicago the most important city in America which has a casino. State lawmakers granted Chicago up to 4,000 video poker machines which would permit the Chicago casino to compete with Las Vegas casinos. To give you an assessment, Caesars Palace and the Aria have approximately 1,500 slots machines each.
The location as to where the casino will probably be built just isn’t fixed as of now nor may be the design of the casino. Mayor Lori Lightfoot stated that downtown Chicago could always be possible as being a feasibility study conducted in August, recommended an online casino site better the town center. Possible sites include the state-owned James R. Thompson Center as well as the McCormick Palace building.
Roadblocks To Chicago Casino
Gaming experts feel that the Chicago casino could easily surpass Rivers Casino that is the highest grossing casino in Illinois bringing in $440 million in 2018 with just 1,200 slot machines. The feasibility study suggested that in 5 years, a Chicago casino could bring in near $950 million.
However, the analysis also warns that Chicago’s gambling taxes and costs may make it hard to own a profitable casino. The tax rate could be around 72 percent which will probably be the highest in the United States. The excessively high tax rate is because of the 33 percent tax on gross casino receipts earmarked for fire and police pensions which applies just to Chicago casinos.
Mayor Lightfoot pledged to consider the situation in January 2020, after lawmakers ran from time for it to vote this coming year. She believes that this casino may help Chicago’s poorer neighborhoods and provide financial stability to its residents, despite locals worrying regarding the social costs of casinos visiting their neighborhoods.