SPRINGFIELD, Ill. (AP) - The Latest on the Chicago casino feasibility study (all times local):
11:15 a.m.
A consultant has determined that a casino in Chicago would not be profitable enough.
The study by Union Gaming Analytics released Tuesday concludes that Illinois casino tax and fee structures are too “onerous” to allow a developer to make more than 1% or 2% profit.
Casino gambling in Chicago was authorized this year by the General Assembly. A Chicago casino operator would have to pay a $250,000 application fee upfront, a $15 million “reconciliation” fee when the license is issued and up to $120 million in gambling position fees.
The Illinois Gaming Board has the authority to ask lawmakers in the next 90 to change the terms for the Chicago site.
The study found a Chicago casino would bring $260 million in revenue back from Indiana
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5:15 a.m.
The Illinois Gaming Board says it will release a study on the feasibility of locating a gambling casino in Chicago.
The views of Las Vegas-based Union Gaming Analytics will come Tuesday as Chicago Mayor Lori Lightfoot is expressing concern about the ability of a casino to make money.
Casino gambling in Chicago was authorized this year by the General Assembly. Under the law, a Chicago casino operator would have to pay a $250,000 application fee upfront, a $15 million “reconciliation” fee when the license is issued and up to $120 million in gambling position fees.
Lightfoot said Monday financial experts have said the upfront tax payments embedded into the casino statute wouldn’t allow for a casino operator to be successful.
The Gaming Board can ask legislators to reconsider the terms.
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