Lightfoot expresses concerns laws may dampen casino profits

News
casino
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

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.

Popular

Latest News

More News