CHICAGO – MGM Grand says Chicago is too big of a risky bet for them to build a casino in the city.
In an earnings call today, MGM’s CEO William Hornbuckle said the city’s tax environment is a turn-off, as reported by the Chicago Business. MGM leaders said while the city has improved recently in this area, a casino in the Windy City isn’t a priority for them at the moment.
A spokesperson for Mayor Lori Lightfoot’s office responded to the slight by saying they are disappointed MGM didn’t offer up a proposal. Lightfoot announced in late April that Chicago was officially seeking proposals to operate a resort that includes a casino, a hotel of up to 500 rooms, restaurants and bars.
The licensee would also get to run slot machines at both of Chicago’s O’Hare and Midway airports.
Last year, lawmakers lowered the effective tax rate on gambling revenue to about 40%.
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