|
Don't like to read?
|
Today, Chicago’s city council cast its final vote giving the approval to build the city’s first casino. This project has been in the making for three decades. In a 39 to 5 vote, the alderman approved the $1.7 billion entertainment complex proposed by Bally’s Corp.
This decision comes as a win for Mayor Lori Lightfoot who is seeking re-election in February. The first phase of the entertainment complex will include a casino, restaurants, a hotel, and open spaces. There is a possibility of residential and retail spacing to come later.
City Council Paves the Way
The city council gave its final sign-off after the zoning amendments were completed. However, the plan needs to be approved by the Illinois Gaming Board.
The entertainment complex is planned to be developed on the site of the old Tribune Publishing Center. If approved by the Illinois Gaming Board the development will create thousands of jobs on top of roughly $200 million in annual revenue for the fire and police pension plans.
For the past 30 years, the thought of having a casino in Chicago has been a great debate by previous mayors and politicians. Lightfoot’s administration has been focusing on tackling Chicago’s beleaguered finances. This focus has had the city paying all dues into its four severely underfunded pensions for the first time in 2022, according to Bloomberg.
For the first time since 2015, Chicago has been able to shed its one junk rating. Last month the city lost the rating all because of Lightfoot’s focus on the city’s underfunded pensions.
A Look to the Future
Lightfoot’s whole goal throughout her tenure as Mayor has been to have the first casino open in Chicago. Now with the city council backing the plan, it may actually happen.
Theoretically, the casino could open its doors in 2026. Upon doing so it would stimulate Chicago’s economic activity and shore up pension funds. This is something that could highly benefit nearby residents.
Many are hoping the Illinois Gaming Board will secure the approval and allow this beneficial opportunity to occur in Chicago.
By Sheena Robertson
Sources:
Bloomberg: Chicago City Council Approves Bally Casino to Plug Pension Hole
Chicago Tribune: Chicago casino set for final City Council vote as aldermen support zoning
NBC Chicago: Chicago Casino on Brink of Becoming A Reality As Zoning Vote Heads to Full City Council
Featured Image Courtesy of Matthew Powell‘s Flickr Page – Creative Commons License
Inset Image Courtesy of dekay23‘s Flickr Page – Creative Commons License
