Chicago Mayor Extends Request For Proposals To Build First Casino Over 2 Months
Lori Lightfoot has extended the deadline for offers to October 29, from the previously announced August 23
The mayor of hicago, Lori E. Lightfoot, announced on Friday an extension of the deadline for responding to the casino Request for proposal (RFP) until Friday, October 29.
Originally, bidders had until August 23 to submit a proposal. This new two-month extension gives potential bidders “more time to fully assess the Chicago casino’s desirability; perform additional due diligence; assemble more competitive bidding documents; and explore funding opportunities, ”says the mayor’s press office.
The announcement comes amid reports of minimal interest from potential casino operators. Crain’s Business in Chicago reports that the city has received only one offer so far, with one resulting from a partnership between the casino magnate Neil Bluhm and Related Midwest.
The Chicago casino project is “one of the most attractive casino resort development opportunities in the country,” according to a press release. for the extended period. Chicago currently has 9.5 million local residents and welcomed 1.5 million international visitors in 2019.
“The potential gaming operator will have the opportunity to integrate their property with the city’s vibrant cultural scene, a strong transit infrastructure and a very diverse economy,” the statement said.
City plans to start developing its first gaming property by early next year with an estimated opening date of 2025. Chicago will issue a casino license, which will allow the construction of a complex at a location determined by the winning candidate.
The licensee will be able to operate a temporary casino for up to 24 months, subject to a 12-month extension to generate revenue before the resort opens date.. Additionally, the winning vendor will be able to operate slot machines at the city’s two main international airports, O’Hare and Midway. The number of slowdowns between these two airports and the station will be limited to 4,000 in total.
Major Lightfoot has set a number of requirements for the casino, among which the commitment to at least 26% participation of minority businesses and 6% for businesses owned by women, with 50% of working hours reserved for city residents. Proposals must also include plans for a 500-room hotel, meeting space, restaurants, bars and entertainment venues.
Las Vegas-based resort-casino companies are expected to consider submitting proposals for consideration, although two business game leaders, MGM Resorts International and Caesars Entertainment, have already decided to hand over the project because he sees it as a “risky proposition” despite the lower tax rate, Chicago Sun-Times reports. Rush Street Gaming has expressed interest in a potential casino.
Once the office selects a final candidate, approval from several city agencies and ultimately city council must be obtained.. After that, the chosen developer will seek approval from the Gaming Board.
“A big part of the problem is making sure that the Illinois Gaming Board is really spending the time and resources it needs,” Lightfoot said., as reported by Chicago Sun-Times in April. Complaints from leaders of other municipalities that have obtained new casino licenses have pointed in this direction, with projects experiencing delays of more than a year.
On the opportunities opened up by this gaming initiative, Mayor Lightfoot called it a “historic” project that should expand the city’s “economic dynamism and strength” providing sustainable, well-paying jobs to residents from under-represented backgrounds; and creating a “world-class” casino complex to attract visitors from around the world.
“The extension of the deadline for interested bidders will allow the City to gather as many strong, impactful and transformative proposals as possible.. I look forward to seeing these offers come and working closely with the team ultimately chosen to develop Chicago’s very first casino. ” added Mayor Lightfoot.