It shouldn’t be long before Chicago unveils its request for proposals to build a casino resort in the nation’s third-largest area that is metropolitan
It was at very early March that Chicago Mayor Lori Lightfoot announced that an RFP is coming for an individual resort that is anticipated to incorporate resort, dining, activity and meeting amenities.
Several organizations, including some located in nevada, are without doubt taking a look at the possibilities Chicago gifts as well as in the months ahead will undoubtedly be weighing whether being the casino that is only town in an area with more than 9.5 million residents and tons of transportation options to get there is worth the steep price of admission — mainly the effective 40 percent gaming tax rate.
The tax rate for the proposed resort used to be even higher, but the Illinois Legislature last year approved measures that reduced it to a more rate that is palatable. For people who question why any ongoing company would be interested, remember that Chicago essentially is providing a monopoly for one company to partner with the city.
Chicago attracted nearly 60 million visitors that are domestic including 47 million leisure people and 13 million company people in 2019. The town’s two airports that are major more than 130 combined daily nonstop flights from New York City, San Francisco and Washington, D.C.
What gaming companies may be interested in Chicago? A glance at the past reputation for the development associated with the RFP procedure provides some clues.
Chicago distributed a“request that is 17-page information” to better define its RFP process. Eleven companies — four of them gaming companies — responded and offered suggestions to a series of nine questions the populous town posed.
Questions addressed possible areas for the resort, suggestions about the minimal and maximum quantity of resort rooms and footage that is square amenities, whether the COVID-19 pandemic would affect the development of a Chicago casino and whether a temporary casino should be allowed while the full resort is being built.
One would have to think the four casino companies that submitted responses could be interested in responding to the RFP. Responding companies included Las Vegas-based Wynn Resorts Ltd. and MGM Resorts International, Florida’s Hard Rock International and Chicago-based Rush Street Gaming.
With the gaming companies, four estate that is real, a casino feasibility consultant and a casino financier — MGM’s affiliated MGM development Properties REIT — and a neighborhood company presented their tips.
It would appear most likely that people four casino organizations could submit an RFP proposition.
Wynn Resorts, which reported publicly that “when a city of importance decides to consider a gaming resort, we’re constantly enthusiastic about checking out the chance,” has a track record of developing stunning resorts additionally the present connection with doing this in an setting that is urban Encore Boston Harbor.
MGM also provides quality developments and has done so successfully in downtown Detroit, downtown Springfield, Massachusetts, and near Washington, D.C.
Hard Rock, affiliated with Florida’s Seminole Indian Tribe, has hotels worldwide and casino resorts in Atlantic City and Biloxi, Mississippi.
There are frequent reports of Hard Rock trying to establish a foothold in Las Vegas.
Rush Street, headed by billionaire Neil Bluhm, has somewhat of a home-field advantage with a familiarity of the Chicago landscape. The company has developed casino properties in Philadelphia, Pittsburgh, Des Plaines, Illinois, and Schenectady, New York, under the Rivers Casino brand.
Those companies seem like sure bets to have an interest in Chicago, but there are others that could take a look that is serious
Las Las vegas Sands Corp., which includes the growth of meeting facilities and resorts that are affiliated to a science, has successfully operated properties in Las Vegas, Macao and Singapore. While the company’s focus has been on Texas most recently, there could be some interest in Chicago with prospects in Texas fading in the state’s environment that is political
It Wouldn’t be surprising to see Las Vegas’ casino operator that is newest, Mohegan Gaming and Entertainment at Virgin Hotels Las Vegas, take a serious look at Chicago. The company has quality resorts, an presence that is international Canada and quickly in Southern Korea and it is growing.
Would the Genting Group, which runs in nyc, have actually the capability for the next resort after starting Resorts World nevada this season?
Don’t put it past local video gaming leaders Boyd Gaming Corp. and Penn National Gaming to kick the Chicago tires or even for Tilman Fertitta’s Landry’s Inc. to check out expanding the Golden Nugget kingdom from nevada, Laughlin, Atlantic City, Biloxi and Lake Charles, Louisiana.
One business that probably wouldn’t be thinking about Chicago, based on Las Vegas-based Union Gaming analyst give Govertsen, is Caesars Entertainment Inc.
Govertsen, whom composed a paper that is white the Chicago proposal last year, said Caesars is well-established in Illinois and Indiana markets close to Chicago and could have a difficult time maneuvering through regulatory concerns that could arise with that saturation.
But could Caesars properties that are divest make a run at Chicago? Needless to say it may.
Especially The Windy City represents.
The with the opportunity Review-Journal is owned by the family of Sheldon Adelson, the chairman that is late CEO of nevada Sands Corp. nevada Sands runs The Venetian.
Contact Richard N. Velotta at [email protected] or 702-477-3893. Follow @RickVelotta on Twitter.(*)