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US – Chicago forced into extending deadline for casino applications

By - 9 ta' Awwissu 2021

Mayor Lori E. Lightfoot confirmed that the City of Chicago has extended the deadline to respond to the casino Request for Proposal (RFP) to Friday, October 29. This extension gives potential bidders more time to fully assess the Chicago casino opportunity; conduct additional due diligence; assemble more competitive bid packages; and explore financing opportunities.

“This historic casino project stands to expand the economic vibrancy and strength of our city by bringing sustainable, good-paying jobs to residents from underrepresented backgrounds and creating a world-class casino-resort that attracts visitors from all over,” said Mayor Lightfoot. “Extending the deadline for interested bidders will allow the City to collect as many robust, impactful and transformative proposals as possible. I look forward to seeing these bids roll in and working very closely with whichever team is ultimately chosen to develop Chicago’s first-ever casino.”

The Chicago casino project is currently one of the most attractive casino-resort development opportunities in the country. A global gateway city with 9.5 million area residents, Chicago welcomed 60 million domestic and 1.5 million international visitors in 2019. The potential gaming operator will have the opportunity to incorporate its property into the City’s vibrant cultural scene, robust public transit infrastructure, and highly diversified economy.

Union Gaming Analytics had warned previously that Illinois’ gaming laws would likely price casino groups out of competing in the race to operate in Chicago according to a feasibility carried out by .

The report said that the “onerous” tax and fee structure will make it difficult, if not impossible, to attract investors as they won’t might not make a profit for a decade.

Biex topera każinò, l-investitur ikollu jħallas ħlas ta' applikazzjoni ta' $250,000 bil-quddiem, ħlas ta' $15m ta' 'rikonċiljazzjoni' meta tinħareġ il-liċenzja u sa $120m f'miżati tal-pożizzjoni tal-logħob tal-azzard. Huma mbagħad ikunu soġġetti għal 33.3 fil-mija ta ''taxxa ta' privileġġ' addizzjonali fuq struttura ta 'taxxa eżistenti mħallsa mill-casinos kollha ta' Illinois.

Union gaming iddikjarat: “It-tariffa ta’ rikonċiljazzjoni waħedha tħassar kwalunkwe profitti ġġenerati għal ħafna snin, jekk mhux għexieren ta’ snin taħt l-istruttura tat-taxxa [Rċevuti Grossi Aġġustati]. Il-profil tal-qligħ fuq l-investiment għall-ħames siti kollha huwa inferjuri, jekk mhux negattiv fuq il-ħames snin ipproġettati hawnhekk. It-tariffa ta’ rikonċiljazzjoni mhux biss tkabbar in-nuqqas ta’ fattibilità, iżda tagħlaq il-bieb ukoll għall-kapaċità tal-iżviluppatur li jikseb finanzjament.”

In a survey, the largest percentage of respondents, 36 per cent, said the best location for the Chicago casino was near downtown.

Il-parteċipanti fl-istħarriġ ġew mistoqsija wkoll dwar l-aktar fatturi importanti fl-għażla ta’ sit għal każinò, u x’kumditajiet jixtiequ jaraw mibnija ma’ każinò. Ir-ristoranti daħlu l-ewwel b’58 fil-mija, segwiti mit-teatru/divertiment dirett b’51 fil-mija, u lukanda b’41 fil-mija.

L-espansjoni tippermetti wkoll għal sitt każinos addizzjonali f'Illinois, li jinsabu f'Chicago, Danville, Waukegan, Rockford, il-Kontea ta' Cook suburbana fin-nofsinhar u l-Kontea ta 'Williamson fin-Nofsinhar ta' Illinois.

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