Ahead of the plans of a real casino in the near future, Chicago authorities have discussed the viability of a temporary casino in the state.
The lawmakers in Illinois have been planning to open a new casino in the city of Chicago for more than a year. Though it has been a knotty process, things eventually seem to be moving along.
This week, many experts involved with the process put forward their plans to open a temporary casino in Chicago.
It is a novel idea that attracted the attention of Mayor Lori Lightfoot. However, there is still a long way to go before the new gaming venue will see the light of the day. Today, we’ll discuss the possible timeline and the proposed location of this casino.
Chicago Mayor Continues Pushing for Casino Plans
Illinois does not naturally come up to mind as one of the major US gambling destinations. However, the way things are unfolding, this status could change over the following few months.
In 2019, Governor Pritzker approved a novel capital plan involving the opening of new casinos in Illinois.
A number of cities have already acquired approval to host some of these new casinos. Surprisingly, the state lawmakers also allowed a casino in Chicago, which will be the first casino ever opened in the city.
Originally, lawmakers considered imposing high tax rates on this casino. The measure served only to discourage casino companies from showing keenness in operating this casino. Ultimately, lawmakers decided to decrease the tax rate to facilitate things for the operators.
Another issue was its location. The city authorities looked at different areas for the new gambling establishment. By the time of writing this update, it is not clear where the new casino will be built, though a few possibilities have been proposed.
In late August, Mayor Lightfoot invited some leading casino operators to discuss the future possibilities concerning this new gambling venue. The mayor wanted to assess how different companies would operate this establishment. The experts believe this meeting will assist the city authorities with the casino licensing procedure.
This week, some experts floated the idea of opening a temporary gambling establishment in Chicago. It looks that the city authorities are interested in the idea.
Plans for a Temporary Casino in Chicago are Underway
Many were excited to hear Mayor asking for plans to run the new Chicago casino. It is clear that Ms. Lightfoot is convinced this gaming venue will benefit the city. The operators around the country have expressed interest in running this casino for which they have presented their respective plans as well.
Lightfoot also discussed with the industry leaders to enlighten her on whether or not a temporary casino in Chicago would work. It is reported that many have supported it as a good idea. Interestingly, one location is now being seriously considered for this purpose.
By now, it seems clear that the proposed casino will open in Downtown Chicago. A group has even said that the Lakeside Center is the ideal place for this venue.
However, there has been no official confirmation made over the final location. The mayor has not confirmed that the proposed temporary casino will even see the light of the day.
The industry experts have projected the new casino in Chicago could generate a whopping annual revenue of $6.6 billion. Considering this potential, it is no wonder that the state leaders wish to get this venue operational as soon as possible.
Sports Betting Revenue Increases in Illinois
In 2018, the Supreme Court struck down PASPA in a landmark ruling that allowed ever state in the US to legalize sports betting. Within two years from PASPA, as many as 24 states have legal sports betting bills approved.
The state of Illinois officially legalized sports betting in March 2020. Now, both land-based venues and online sports betting is allowed here. Over the months, revenues from the betting industry have been witnessing an upward trend.
A new sportsbook will soon open its doors at Wrigley Field and will boast as one of the first sportsbooks to open inside a mainstream US professional sports stadium. It’s evident that Chicago leaders are embracing this lucrative industry.
Sports betting has been growing popular with each passing day. Many states in the country are now seeking the possibility of opening a sportsbook inside their arenas.
Within months after legalizing the industry, Illinois is gradually becoming a leading gambling destination. If everything goes as planned, the residents may see a temporary casino in Chicago sometime in 2021. A real casino will be offering its services in the state a year later. As for when and if online casinos that accept Illinois residents will be allowed, it’s uncertain at this time.