Hard Rock Casino To Take Another Hard Look At Possible Chicago Bid

Northern Illinois and Indiana could soon become your Mecca if you’re a fan of Hard Rock Casino. It has some new life to the idea of three such facilities within a 200-mile circle.

A Hard Rock executive confirmed earlier this week that the company is contemplating a bid to operate a game in downtown Chicago. However, those anticipating a game in that location should not interpret this statement as a certainty.

A Chicago Hard Rock Casino

Jim Allen, the Chairman of Hard Rock, made a statement with significant implications. Allen simply announced that the company is currently reevaluating the situation.

Hard Rock, like most other casino providers thus far, may still find success. However, as long as there are businesses that show even a fleeting interest, there remains hope for the city and state.

The initiation of the Chicago casino project occurred concurrently with the gambling expansion that legalized sports betting in Illinois. Hard Rock has already participated in this expansion phase, securing a bid to establish a casino in Rockford.

It will also take over Gary’s Hard Rock Northern Indiana next month. A Hard Rock Casino situated in the heart of Chicago has thus established three properties within a 200-mile radius.

Allen asserted that merely being near the two other facilities wouldn’t suffice as a deterrent. This is a positive development for the city, especially at a time when the project’s future looked bleak.

Chicago widens its nets to entice bidders

Earlier this month, due to a lack of interest, the city extended the deadline for bids from Aug. 23 to Oct. 29.

Mayor Lori Lightfoot expressed her belief that the extended time would enable prospective bidders to assess the opportunity more thoroughly. Her prediction seems accurate to the extent that Hard Rock acts on Allen’s remarks.

Other entertainment corporations such as Caesars, MGM, and Wynn have confirmed that they have no plans to bid for downtown Chicago. The reasons they provided include a burdensome tax schedule and excessively high construction costs for the facility.

If Hard Rock decides to move, the only bid might come from Rush Street Gaming. This business, based in Chicago and known as That & rsquo, already operates the only game in the greater Chicago region within Illinois.

Had Rush Street ultimately have the upper hand?

RiversCasino in DesPlaines is operated by Rush Street.

If there are no other bidders for the city, Rush Street has minimal incentive to propose a profitable offer to the city, particularly given the 40% tax rate and the projected development cost of $1 billion.

It’s understood that location is not an issue since Rush Street has placed a bet. The town has prolonged the deadline with the intention of drawing in some business and avoiding giving anything to Rush Street. The town’s goal is to initiate the game.

It seems that Hard Rock could emerge as a potential champion. However, it is too soon to strategize for such a comeback at this stage. The region could end up trapped between two stones if Hard Rock proceeds.