Results tagged “casino”

Some officials believe building a land-based casino could provide help during Chicago's financial crisis but Mayor Daley has some reservations that must be met first.

With the sobering news of Mayor Daley's budget apocalypse beginning to sink in, some in the city council are looking at a Chicago-based casino anew. "All one has to do is drive through those parking lots in Northwest Indiana and see all the Illinois plates,'' Alderman Edward Burke told the Sun-Times. "If those folks are gonna lose their money, they might as well lose it in Chicago." Alderman Leslie Hairston put it more succinctly: "We've got to do something to generate some revenue."

Yesterday’s fire at the Empress Casino in Joliet has left it closed. Managers are meeting with insurance adjusters and the Illinois Gaming Board today to determine the extent of the damage. The closure puts about 850 people out of work for the moment.

In a 3-1 vote, the Illinois Gaming Board awarded the state's 10th Casino license to Des Plaines-based Midwest Gaming LLC, ending a ten-year process in which bidders throughout the state vied for the open license. [Crain's]

While companies are putting together bids for Des Plaines, Rosemont and Waukegan for the state's final casino license, they're finding themselves hampered by the struggling economy. Bill Eadington, director of a gambling institute at the University of Nevada-Reno, recently told the Trib, "It's very bad timing for Illinois. We're facing the biggest economic recession in 75 years. I wouldn't be surprised if the companies that made bids a couple months ago could no longer justify them." Casino giants like Harrah's are having to scale back or scrap plans for new casinos altogether.

The finalists are Trilliant Gaming, a Los Angeles-based venture that has teamed up with Rosemont and submitted the high bid of $435 million. The next highest offer is $225 million from Waukegan Gaming. A distant third at $100 million is Midwest Gaming & Entertainment, billionaire developer Neil Bluhm's group, who wants to open in Des Plaines. Those figures don't include the cost of building the casino, which could be in the hundreds of millions, making it tougher to turn a profit.

Continue reading "Casino Bids Hampered By Economy"

Mike Madigan made it seem like he was ready to deal this week, with a letter to state legislators saying that he'd endorse a bill to expand gaming in the state in order to fund roads and schools. In announcing his "compromise", he said he is "willing to embrace compromise and offer a sincere, serious proposal that will receive my full support and backing." That expansion may not happen, though, as some lawmakers have enough...