New hotel-casino could come to Illinois
The Collins Tower in Danville could host a gaming venue as the owners assess the potential gambling expansion legislation.
US.- Illinois could soon pass a new casino expansion bill and its potential impact already has businesspeople in the state looking at the possibilities it could bring. That’s why the owners of the Collins Tower, Danville’s tallest building, are considering turning it into a hotel-casino.
“Right now, nobody wants to come to Danville for the most part. We want a reason for people to come here,” said Chris Collins, who recently bought the former Bresee Tower in June and co-owns the property with Jeri Collins. They were interested in turning the building into a 1920s-themed hotel but, over the last few weeks, they and their investors have been considering to include a gaming offering.
“One thing we do need to make it happen is the annex,” Jeri Collins asserted to the property committee. On Monday night, they discussed the potential acquisition of the former annex building which stands all around the tower and even possibly buying another lot, north of said annex.
According to Chris Collins, the entire development could cost between US$65 and US$70 million, and there already are investors willing to contribute significantly. He also added that the plans would be eligible for federal, historic and economic development tax credits that could help fund about 65% of the project.
