When it comes to gaming, Chicago is a city that never sleeps. In fact, the city has approved plans for what could be the biggest and most expensive casino in history: a $1.7 billion riverfront project that would include three hotels, dozens of restaurants and a casino. If this proposal is approved, Chicago would become the first U.S. city to win back its riverfront from developers in more than 50 years. What does this mean for the city? For one thing, it would create hundreds of jobs and billions of dollars in economic activity over the next several decades. And with such an iconic landmark as the Obama Presidential Center slated for nearby Jackson Park, this represents a huge win for both Chicago and the entire Midwest economy.
What is the Chicago Riverfront Casino?
The Chicago Riverfront Casino, planned for the city’s Near South Side, will be the largest casino in Illinois and one of the largest in the Midwest. The casino is expected to generate $1 billion in economic activity over its lifetime and create 6,500 jobs. It is also projected to have a positive impact on property values near the site and generate tax revenue for the city.
The project has faced several delays since its conception, most notably due to lawsuits filed by two competing tribes seeking control of land around the proposed casino site.
The Chicago Riverfront Casino Approval Process
In 2022, the Chicago Riverfront Casino was given final approval by the city of Chicago. The project will be located on a 22 acre parcel at the former site of the Harrah’s casino and race track. The casino will be operated by Caesars Entertainment Corporation and will feature over 2,500 slot machines, 50 table games and a 300-room hotel. Construction is expected to begin in 2022 and be completed in 2024.
The casino has faced opposition from some residents who fear that it will lead to increased crime in the area. However, Mayor Rahm Emanuel has argued that the casino will create thousands of jobs and bring millions of dollars into the city’s economy.
What are the benefits of the Chicago Riverfront Casino?
The Chicago Riverfront Casino will bring in hundreds of millions of dollars in revenue for the city and provide countless economic benefits. Below are just a few of the major benefits:
The Chicago Riverfront Casino will generate hundreds of millions of dollars in new economic development, which will create jobs and further revitalize the city. This investment will help to revitalize a key area of the city, drawing tourists and businesses to the area. In addition, the casino will also support existing businesses in the surrounding area by providing customers with additional spending money.
The Chicago Riverfront Casino will engage the community through its various programs and events. For example, it has plans to create an amphitheater that will host concerts and other events open to the public. In addition, it plans to build a hotel that would be affordable for low-income residents and hire local residents as staff. These programs aim to improve quality of life for those living in the surrounding area, while also generating income for the city.
Reduce Dependency on Taxes from Other Parts of Illinois:
The Chicago Riverfront Casino is expected to reduce tax dependence on other parts of Illinois by bringing in new revenue. This money can be used to support vital services such as education and police departments throughout Chicago. Additionally, this investment will spur economic growth in the city, helping to make it more resilient against future financial challenges.
Why Chicago was chosen as the location for the casino?
Chicago is the perfect location for a massive riverfront casino thanks to its centrally located city and rich history. The city has hosted dozens of world-renowned events including the 1893 World’s Columbian Exposition and the NATO Summit in 2004, making it an ideal host for a gaming destination.
The immense size of the proposed casino – which would be nearly twice the size of Chicago’s current 432-room Hilton Chicago Riverfront Hotel – would make it one of the largest casinos in North America. The proposal has already received substantial support from Mayor Rahm Emanuel and state officials, with regulators awarding MGM Resorts International a $370 million gaming license last month.
How much will it cost to build the Chicago Riverfront Casino?
The Chicago Riverfront Casino will be a massive entertainment complex located on the banks of the Chicago River. Construction is set to begin in 2022 and the casino is expected to be completed by 2024.
The project will cost $1.7 billion and it is projected that the casino will generate $2.8 billion annually in revenue. The casino will feature a variety of gaming options, including traditional table games, slot machines, and live entertainment. The complex will also include a convention center, hotels, and retail outlets.
Stakeholders in the riverfront area are enthusiastic about the prospect of a casino coming to town. Mayor Rahm Emanuel has stated that the casino will be a major economic driver for Chicago and act as a catalyst for further development along the riverfront area.