River West casino gets mayor’s nod. What’s in the plan and what’s next?
After a 30-year effort, Chicago has a casino deal on the table. Here’s a look at what the proposal includes, what is expected to happen next and when a printing plant could be replaced with a gambling palace — if nothing derails the plans.
It’s more than a casino
The entertainment complex’s plans include a 500-room hotel tower, a 3,000-seat theater, an outdoor music venue and an “immense Agency exhibition experience,” a City Hall news release touted Thursday.
Other plans for the project at Chicago Avenue and Halsted Street in the River West neighborhood include an extension of the Riverwalk, a park and an “amenity terrace” featuring a large pool, spa, fitness center and sun deck.
Dining options are to include six restaurants, cafes and a food hall.
And then there’s the gambling itself, which boasts 3,400 slots and 170 game tables.
The city says it would create thousands of construction and casino jobs. The city hopes to use resulting revenue to help fill pension-related budget holes.
First it must get through City Council ...
The City Council approval process could be bumpy.
Some aldermen are likely to complain that they didn’t get more say in selecting the winning bidder. Others might balk due to distaste for gambling or concern about traffic.
But Lightfoot will argue that the casino makes big tax hikes less likely in the future, a message that should appeal to aldermen who dislike nothing more than property tax increases.
... And the state gambling board
Ultimately, it will be up to the Illinois Gaming Board to determine whether to award a license to the developer of a Chicago casino.
After the application is submitted to the board, regulators will conduct background investigations of all the parties involved in the proposals.
And how long could all that take?
The law gives the Gaming Board a year to issue a license after receiving an application, but it also allows regulators to extend that time if needed, which has been the case for the other applications currently before the board.
In Rockford, for example, Hard Rock submitted its application in October 2019, and the board didn’t grant preliminary approval until February 2021. The casino has yet to open, but it’s temporary operation was up and running by November.
A temporary casino would come first
Once the state gives approval for a Chicago casino, the developer would be able to operate at a temporary location, also subject to board approval, for up to two years while the permanent casino is built.
The city on Thursday announced a new plan for where the temporary casino would be located: at the historic Medinah Temple building downtown at 600 N. Wabash Ave. Bally’s had previously planned it for a former Tribune Publishing warehouse near the proposed permanent site in River West.
If approved, Bally’s aims to open the temporary casino by the second quarter of 2023.
And then the real deal
The permanent casino is slated to open in the first quarter of 2026.