Lightfoot expresses concerns laws may dampen casino profits

casino

CHICAGO — 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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