The city’s special casino committee has green-lighted Bally’s plan to build a $1.74bn casino in a 27-3, paving the way for a full City Council to vote on Wednesday.
US.- Bally’s Corporation is one step closer to building Chicago’s first casino. In a 27-3 vote, the city’s special casino committee has approved the company’s plan for a $1.74bn casino and resort located at the Tribune Publishing site in River West. The next step is approval from the full City Council which will meet tomorrow (Wednesday).
The committee received updates on the city’s agreement with the casino just hours before the vote was taken. The changes stated that a required upfront $40m payment from Bally’s will go straight to the city’s police and fire pension funds.
They also add a requirement for Bally’s to file quarterly reports on hiring minorities, with a stipulation that directs fines for failing to meet minority hiring targets into a fund for contracting equity and workforce development programmes.
If the full City Council greenlights the proposal on Wednesday, the Illinois Gaming Board must licence Bally’s to operate the Chicago casino.
Bally’s proposed casino at the 30-acre Chicago Tribune Publishing Center at the intersection of Chicago Avenue and Halstead Street would have 3,400 slots, 170 table games, 500 hotel rooms, six restaurants, three bars, a 3,000-seat theatre, an outdoor park and other amenities.
The project is expected to create 3,000 construction jobs in addition to 3,000 permanent casino roles when fully functional. Bally’s will pay the city $40m up front plus annual payments of $4m. It plans to launch a temporary casino in summer 2023 and the permanent site in late 2025 or early 2026.