No Wynn For The Windy City: Chicago Casino Project Loses Out On Future Wynn Resorts Bid
Wynn was one of four people who responded to the initial Request for Information ( RFI ) from the city of Chicago andrsquo. The people included Rush Street, Hard Rock, and MGM Resorts.
However, MGM has also said it will not submit a proposal for the license amid cost concerns. MGM CEO Bill Hornbucklesaid in April:
& ldquo, Chicago is simply challenging.
The history of Chicago, the duty, and the idea of an integrated resort on a large scale don’t always go hand in hand. And while I believe they have improved, we are not extremely focused or eager at this particular time. & rdquo,
It could cost more than $1 billion to develop the casino, according to a source in the Wall Street Journal story. That, combined with high tax rates, may diminish interest among some of the most established casino operators.
RushStreet and Hard Rock are the only confirmed serious parties now that Wynn and MGM are out of the going. However, even if a business doesn’t respond to the RFI, it can still publish slant bids for Chicago casinos, increasing the number of bids.
Previously, Wynn spokesman Michael WeavertoldCrain’s Chicago Business of the project:
& ldquo, We are intrigued when a significant large city decides to think about converting to gaming. Chicago fits that description. & rdquo,
Wynn has decided to pass, though, after learning more.
Is Rush Street, hometown & rsquo, or & lSquo the preferred location for obtaining a casino license in Chicago?
Chicago Mayor Lori Lightfootspoke about the future casino at the National Council of Legislators from Gaming States in Chicago recently, and went out of her way to mention that the operator is not a foregone conclusion:
There has been a brief discussion about this, I & rsquo, m told. There is a lot of room for this RFP( Request for Proposals ). There are no friends from home. For people across the nation who understands the value of being in a city like Chicago, we want to make sure we get the best-in-class options. & rdquo,
That’s likely a nod to Rush Street, which is headquartered in Chicago. Rush Street also owns a significant stake of Rivers Casino in Des Plaines, currently the most popular of the casinos in Illinois.
Despite Lightfoot & rsquo’s remarks, it appears that Rush Street will eventually obtain the license. It & rsquo is just a numbers game if you take away two of the businesses that appeared to be interested. It is in Lightfoot and the city’s best interest to receive when some proposals as possible.
What else is known about Chicago’s upcoming game?
The job will be a beach in addition to being an casino. That implies that there will be hotel rooms and a neighborhood for entertainment encircling the building.
That & rsquo is what the city wants, at least. The area may have a better chance to carry out its vision if there were more proposals.
We currently have no idea where the game would be in Chicago. a crucial component of any bidder & rsquo, proposal, figures.
There was chatter about putting the casino on the south or west side of the city. Still, operators will likely determine that a location in the heart of downtown has better revenue potential.
We anticipate providing you with a very distinctive gaming and entertainment knowledge that you won’t get anywhere else in the area. That is undoubtedly what we anticipate. We & rsquo, we’re going to be moving in that direction. & rdquo,
By 2025, the town hopes to start the game. Depending on the operator, a momentary service might be constructed in the interim.
The city hopes to select a charge this spring, and proposals are due on August 23. However, it is still unclear how many options the area will have at this stage.