The Chicago City Council has given final approval to a $1.7 billion casino project that would see a new resort built in River West, sending the proposal to the Illinois Gaming Board.
The casino and resort, which will be constructed and operated by the Bally's corporation, is planned for the former Tribune Publishing plant in River West at North Halsted and West Chicago Avenue.
According to details of the proposal, constructon is expected to take three years, with the projected opening date sometime in 2026.
In the meantime, a proposed temporary casino site in River North at the Medinah Temple, 600 N. Wabash in the 42nd Ward, could be up and running as soon as next year.
This week, the City Council's Plan Commission and Zoning Committee both gave final approval to the project, sending it to the full council for a vote on Wednesday.
After floor debate, the measure was approved, sending it to the Illinois Gaming Board.
If the board approves the project and grants Bally's a license to operate the casino, then construction can begin on the Tribune site, and renovations on the Medinah temple can begin so that a temporary casino can be opened there.
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While proponents of the casino have said that it will create thousands of jobs, with Bally's pledging to make hires from neighborhoods around the casino and underserved communities throughout Chicago, critics have pointed to security and noise concerns, both at the site of the permanent facility and the temporary facility in River North.
Chicago's Bally's Casino, By the Numbers
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The $1.74 billion dollar project includes:
- A 3,000 seat theater
- An extension of the Riverwalk and pedestrian bridge
- A 500-room hotel tower
- An Outdoor park
- A fitness center, sun deck and pool spa
- Six restaurants and a food hall
- 3,400 slots
- 170 game tables
- Nearly 3,000 permanent jobs
As part of its proposal, Bally's offered the city $40 million up front, and $4 million per year after that.
The city estimates a casino will bring in $200 million a year in tax revenue -- money that is earmarked for police and fire pensions, according to officials.
According to officials, Bally's has committed to 60% minority hiring for its nearly 3,000 jobs.
Bally's is expected to pay the city $40 million as an upfront fee, with payments of $4 million per year thereafter.
