City Extends Chicago Casino Submission Deadline | Chicago News
The process of getting a casino in Chicago is taking longer than initially expected. Mayor Lori Lightfoot announced on Friday that the city will extend the deadline for interested parties to submit proposals for the construction and operation of the casino. The city originally set a deadline for offers of August 23, but will now extend it until October 29.
“This historic casino project is expected to increase the economic vibrancy and strength of our city by providing sustainable, well-paying jobs to residents from under-represented backgrounds and by creating a world-class casino complex that attracts visitors from all over.” Lightfoot said in a statement. âExtending the deadline for interested bidders will allow the City to garner as many strong, impactful and transformative proposals as possible. “
The announcement comes amid reports of minimal interest from potential casino operators. Crain’s Chicago Business reports that the city has received only one offer so far, one from a partnership between casino mogul Neil Bluhm and Related Midwest, with the company set to develop a large plot of land off the coast of Roosevelt Road and Clark Street nicknamed “The 78.”
Lightfoot’s broad plan calls for the casino to be part of a “premier entertainment destination that will catalyze the growth of our vibrant economy, create sustainable and well-paying jobs for our workforce, and bring new financial opportunities. to our businesses, âshe said. in a report.
The proposals are to include plans for a 500-room hotel, meeting space, restaurants, bars and entertainment venues to create “an entertainment and gaming destination to enhance the urban fabric of the surrounding neighborhood,” said officials.
City projections estimate that the casino will generate $ 200 million in revenue each year for the city, which is already going to the underfunded Chicago Police and Fire Department pension funds.
The winning proposal – which also requires approval from the Illinois Gaming Board – “will be able to integrate its property into the city’s vibrant cultural scene, a robust transit infrastructure and a highly diverse economy,” according to a press release from the mayor’s office.
In addition, the company that obtains the right to build the casino must agree to reserve at least 26% of construction contracts for black and Latin American-owned businesses in Chicago and an additional 6% for businesses owned by Chicagoans. Chicago women.
Heather Cherone contributed.
Follow Paris Schutz on Twitter: @paschutz