Lightfoot expresses concerns laws may dampen casino profits
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.