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

The plans for Bally’s to construct a new casino in downtown Chicago have just been approved by the Chicago City Council.

Mayor Lori Lightfoot was keen to take things to a vote by May 25, so currently, everything is proceeding as planned.

Just a few days after a special Chicago casino committee approved the Bally’s application, the City Council has given its rubber stamp.

City Council approves casino plans

Bally’s has achieved a significant victory with the City Council’s vote of 41-7 in favor of their casino plans. This approval propels the company one major step towards commencing construction on its Chicago casino.

The plans had already received approval from Mayor Lightfoot and the casino committee, but that wasn’t the final stage of the process. Now that the city council has given their consent, things can finally progress.

Bally’s is set to open a temporary casino ahead of its $1.7 billion property in River West, which is due for business commencement in 2026. The interim establishment is anticipated to be operational by 2023.

The plans for Bally’s casino managed to get past the city council, but the process was not entirely smooth.

Mayor Lightfoot pushes for vote

Local officials have closely scrutinized the entire process of the Chicago casino.

Mayor Lightfoot has shown eagerness to expedite the process, partly due to the initial payment being offered by Bally’s.

The $40 million payment will aid in preventing a property tax increase in the city before the election. Additionally, the inflow of cash will ensure the continuity of police and fire pensions this year.

Lightfoot accelerated the casino project due to the need for that money.

Nonetheless, some authorities are of the opinion that things are progressing too rapidly.

During the casino committee’s meeting earlier this week, Ald. Brendan Reilly was among the three individuals who voted “no”. He contended that the city should spend more time assessing such a large-scale project with significant financial consequences.

Reilly specifically questioned the revenue forecasts for Bally’s casino, which was approved by the City Council without significant examination.

To generate around $550,000 in taxes daily, the casino has to win approximately $1.4 million each day throughout the year. This estimate does not take into account factors such as severe weather, protests, crime, or the challenging months of January and February in Chicago. This scenario assumes each patron bets $3,000 daily – an unlikely occurrence. Consequently, the casino would need to accommodate about 9,300 patrons every day, a feat that seems improbable considering the number of available positions in the casino.

Reilly brought up the issue again prior to the City Council vote today, but his arguments didn’t suffice to postpone the casino process. The plans were approved effortlessly in the final vote.

“Reilly said, “That math seems overly optimistic and I have a problem with it.”

What’s next for Bally’s casino?

Having obtained the city’s approval, the casino project is now to negotiate with the Illinois Gaming Board (IGB). The IGB, governing all gambling activities in the state, has the ultimate decision on whether the River West plans sufficiently meet the requirements or not.

The review of Bally’s application by the gaming board could take weeks.

The project will really start to gain momentum once the IGB issues a license to Bally’s, provided everything goes as planned.

Obtaining a license enables the company to begin building its temporary casino. Because the permanent structure will take years to finish, it’s crucial to get the temporary casino operational as this would significantly help to keep the business going.