Chicago City Council Votes To Move Forward With Bally’s Casino

The Chicago City Council has approved Bally’s plans to build a new casino in downtown Chicago.

Mayor Lori Lightfoot was eager to bring the matter to a vote by May 25, and at the moment, everything is on track as scheduled.

The City Council quickly approved Bally’s application for a casino in Chicago just days after the special committee gave their approval.

City Council approves casino plans

Bally’s has taken a big step forward with the City Council’s vote of 41-7 supporting their casino proposal. This approval brings the company closer to starting construction on its Chicago casino.

The plans had been approved by Mayor Lightfoot and the casino committee, but that was not the end of the process. With the city council now giving their consent, progress can finally be made.

Bally’s plans to open a temporary casino before launching its $1.7 billion property in River West, scheduled to open for business in 2026. The temporary establishment is expected to be up and running by 2023.

Bally’s casino plans successfully navigated through the city council, despite encountering some bumps along the way.

Mayor Lightfoot pushes for vote

Local officials have carefully examined every aspect of the Chicago casino process.

Mayor Lightfoot has demonstrated a willingness to speed up the process, in part because of the initial payment offered by Bally’s.

The $40 million payment will help prevent a property tax hike in the city prior to the election. Furthermore, this influx of funds will guarantee the sustainability of police and fire pensions for the current year.

Lightfoot expedited the casino project because of the urgency for funds.

However, some experts believe that progress is happening too quickly.

At the recent casino committee meeting, Ald. Brendan Reilly was one of three people who voted against the proposal. He argued that the city should take more time to evaluate the potential financial impact of such a major project.

Reilly raised concerns about the revenue forecasts for Bally’s casino, which were approved by the City Council without thorough scrutiny.

In order to generate approximately $550,000 in taxes daily, the casino must win about $1.4 million per day year-round. This calculation does not factor in potential disruptions like severe weather, protests, crime, or the slow months of January and February in Chicago. Assuming each customer wagers $3,000 daily, the casino would need to attract around 9,300 patrons each day – a challenging task given the limited capacity of the facility.

Reilly raised the issue once more before the City Council vote today, but his arguments were not enough to delay the casino process. The plans were easily approved in the final vote.

Reilly expressed skepticism about the math, stating, “It seems overly optimistic and I have a problem with it.”

What’s next for Bally’s casino?

After receiving approval from the city, the casino project is now in discussions with the Illinois Gaming Board (IGB). The IGB, which oversees all gambling operations in the state, will ultimately determine if the River West plans meet the necessary criteria.

It may take several weeks for the gaming board to review Bally’s application.

Once the IGB issues a license to Bally’s, the project will begin to pick up speed, assuming all goes according to plan.

Securing a license allows the company to start constructing its temporary casino. Since the permanent building will take several years to complete, it is vital to get the temporary casino up and running to maintain the business’s operations effectively.