Chicago casino application deadline extended
Mayor Lori Lightfoot has postponed the deadline for proposals to develop a Chicago casino to October 29 following low interest.
US.- The prospects of a new Chicago casino generated some interest when the city launched its Request for Proposal (RFP) process but seems to have been losing steam. Mayor Lori Lightfoot has put back the deadline for proposals by two months due to the lack of interest.
The city had initially set the deadline for the RFP for August 23, but the mayor’s office has pushed that back to October 29.
It said: “This extension gives potential bidders more time to fully assess the Chicago casino opportunity, conduct additional due diligence, assemble more competitive bid packages, and explore financing opportunities.”
The city has high expectations for the potential Chicago casino. It wants a $1bn investment for a 500-room 5-star hotel and an entertainment venue.
According to the press release from the Mayor’s office, the project will offer sustainable, well-paid jobs for residents from underrepresented backgrounds and create “a world-class casino resort that attracts visitors from all over.”
The mayor said: “Extending the deadline for interested bidders will allow the city to collect as many robust, impactful and transformative proposals as possible. I look forward to seeing these bids roll in and working very closely with whichever team is ultimately chosen to develop Chicago’s first-ever casino.”
Doubts over casino viability in Chicago
However, some potential operators consider there’s little potential for a new venue. Despite originally showing interest, MGM CEO Bill Hornbuckle has criticised the development of a new casino in Chicago.
He said: “Chicago is just complicated. The history there in Chicago, the tax and the notion of integrated resort at scale don’t necessarily marry up. And while I think they’ve had some improvement, we’re not overly keen or focused at this point in time there.”
Alan Woinski, president of Gaming USA, told the Chicago Sun Times: “The casinos in the state have been in nothing but a downward spiral for a decade, except for Rivers.
“There’s no reason to believe that if you add a casino downtown that you’ll do anything but cannibalize the others, including Rivers. It’s kind of a zero-sum game and everybody loses.”
