More Issues Arise With Chicago Casino Plans

For months, lawmakers in Illinois have discussed ways to effectively run a new casino in Chicago. It’s been difficult, as state officials are setting unusually high tax rates on this gambling venue. Recently, even more issues have come up with the Chicago casino plans.

Picture Of Slot Machines

It’s frustrating news for proponents of this new casino. Now is the perfect time to look at why exactly it’s so difficult to open this establishment.

Illinois Continues to Push for Casino Expansion

In the 1990s, lawmakers in Illinois approved plans to allow riverboat casinos. The state’s casino industry continued to grow over the years and officials have looked for new ways to generate revenue. Earlier this year, Governor JB Pritzker approved a new Capital Plan that allows for five new gambling venues to open around the state.

Pritzker believes that more revenue from the gambling industry will help to improve the state’s infrastructure. Several locations are now being considered for these new casinos.

One gambling venue has been approved to open in Chicago. It’s the first time ever that a casino has been officially greenlit to open in this major city. Exactly where in Chicago this casino will open is still unknown.

Gambling fans in this state have been eagerly awaiting the new casino in Chicago to open. Unfortunately, this venue is taking longer to open than initially expected. One of the main problems is the aforementioned tax rates that lawmakers have set on this future gambling venue.

The Chicago casino plans are hitting even more issues this month. Many believe that unless something changes, it will never be constructed.

More Problems With the Chicago Casino Plans

If all goes according to plan, Chicago will become the largest US city with a casino. Unfortunately, lawmakers are making things as difficult as possible. They’ve set an absurd 72% tax rate on this gambling venue.

Such as high tax rate makes it virtually impossible for this casino to generate any profit. As a result, many major US casino operators are choosing to stay away from this city. Several have already told the media they have no intention of operating a gambling venue in Chicago.

Lawmakers here recently had the opportunity to change the Chicago casino plans. Hope was that they would agree to lower the tax rate. This did not happen.

Officials here adjourned the fall session without making any changes. Lori Lightfoot, Chicago’s Mayor, claims she will address the issue again in January.

“With so much potential on the line, our city and state deserve to get this done and get this done right,” she said.

Several Chicago neighborhoods have also voiced their disapproval with these gambling venues. Some believe they will increase crime. Based on the way things are going, it will be years before any concrete Chicago casino plans are officially approved.

Competition Continues to Increase Around Illinois

It’s clear that lawmakers in Illinois want to generate more money from the gambling industry. This isn’t the only state with this idea, though. Many nearby states have also recently introduced legislation to expand their gambling markets.

Indiana is also taking measures to allow more casinos. The state’s governor recently approved plans to allow for two new land-based casinos to open.

Lawmakers in Wisconsin also have similar ideas. They’re currently working on plans to open a $405 million gambling venue in Beloit.

State officials continue to review the Chicago casino plans. Over the next year, the Illinois Gaming Board will review plans and applications.

Make sure to stay tuned for more Illinois casino news over the next few months!

Lawmakers Pass Up Plans to Lower Chicago Casino’s Tax Rates

Back in June, Illinois Governor JB Pritzker officially approved a new $45 billion capital plan that allows for the construction of five new casinos throughout the state. One of the casinos will be constructed in Chicago for the first time ever, yet high tax rates set on this gambling venue are pushing investors away. Recently, lawmakers in the state passed up on plans to lower the Chicago casino’s tax rates.

Chicago City Skyline

It’s disappointing news, particularly for Chicago Mayor Lori Lightfoot, who’s been working hard to make the opening of a casino in her city feasible. Today, we’re going to look at what the state currently has planned for this gambling venue.

Let’s get into it!

Five New Casinos Set to Open in Illinois Over the Next Few Years

Officials in the state of Illinois have recently chosen to embrace the gambling industry. First, they approved plans to allow five new casinos in the state. Not long afterward, politicians here approved a bill to legalize and regulate sports gambling.

The move to increase the number of casinos in Illinois came as part of the new capital plan. Essentially, it’s a way to help improve the state’s infrastructure. Lawmakers want to rebuild roads, schools, bridges, and more. Money from the new casinos is one way to help achieve this.

Legal sports betting will also help to make things easier. Sports betting has been proven to bring in millions of dollars to states every single month. New Jersey, which only legalized this industry in the summer of last year, now has a more lucrative sports betting industry than Nevada’s.

For the first time, a casino will be opened in Chicago. At first, it seemed as if all of the biggest US casino companies would begin pushing to operate this casino. Unfortunately, the Chicago casino’s tax rates are extremely high. Many companies claim that because of this, it would be impossible to make a profit.

Mayor Lori Lightfoot seems to agree. Last week, she met with lawmakers and pitched her idea to lower the tax structure for this casino. Unfortunately, lawmakers didn’t seem interested in making any changes.

Illinois Lawmakers Pass On Plans to Change Chicago Casino’s Tax Rates

The Chicago casino has been trouble from the very start. First, officials needed to find a suitable location for this gambling venue. Several areas of the city were discussed yet many complained that none were suitable. Then, many began voicing their opinion that the Chicago casino’s tax rates were far too high.

The latter complaint certainly had some validity. The tax rates for this casino (of 72%) are some of the highest in the country. Mayor Lightfoot realizes that this is causing most companies to look the other way. She pitched her new tax plan to state officials last week.

Unfortunately, these lawmakers decided to pass on her new plan. They were unable to agree on a plan to change the tax structure. Due to this, no changes can be made until 2020.

Lightfoot claimed that she was “disappointed that a much-needed fix to the gaming bill won’t be made.” She also added that “the Chicago casino is still very much in the sightline.” 

Hopefully, lawmakers can come to a new agreement in January. Until something changes, it’s highly unlikely that any company will invest in a Chicago casino.

What to Expect in the Future

It’s clear that something needs to change with the state’s new casino plans. Lawmakers here are still discussing where the additional four casinos will open. A decision on whether or not to award a south suburban casino license to Calumet City, Homewood, Lynwood or Matteson will be made by October of 2020.

It seems likely that in time, officials here will realize that the Chicago casino’s tax rates are too high. No company will invest in a venue that’s clearly not profitable.

The legalization of sports betting will certainly help things. Soon, both online and in-person sports betting will become available here. Revenue from this industry will shed light on just how profitable the state’s gambling industry really is.

It’s unclear exactly when the tax structure for the casino in Chicago will change. Governor Pritzker claims that he wants to help Lightfoot with her new plan.

Stay tuned for more Illinois gambling news over the next few months!

Lori Lightfoot Wants a Change to Illinois’ New Casino Plans

Lawmakers in Illinois are currently working to expand the state’s casino industry. Part of this plan is to allow a casino in Chicago. This week, Chicago Mayor Lori Lightfoot commented on Illinois’ new casino plans.

Lori Lightfoot At Press Conference

There are questions surrounding tax rates for this Chicago casino. State officials are busy working on ways to attract casino operators while keeping things profitable for the state. Here’s what’s going on right now.

The New Capital Plan in Illinois, Explained

Illinois hasn’t always been thought of as a gambling-friendly state. In recent years, however, lawmakers here have recognized the major revenue potential from this industry. In June, Illinois Governor JB Pritzker signed the state’s new capital plan, calling it “the most comprehensive reconstruction effort in this state’s history.”

This new plan is aimed at improving Illinois’ infrastructure. It allows for five new casinos to be constructed around the state. One of these casinos will open in Chicago. It’s the first legal gambling venue to ever open in the Windy City.

$45 billion is being invested in the state’s capital plan. Hope is that revenue from casinos here can help to reconstruct roads, bridges, and schools. Gambling fans around the state are eagerly awaiting these new casinos to open.

Unfortunately, some of the country’s top gambling companies aren’t interested in operating this Chicago casino. Many claim that the tax rates being set on the gambling venue making it impossible to gain a profit.

Lori Lightfoot has been working to revamp Illinois’ new casino plans. This week, she officially presented her pitch to rewrite legislation for the casino in Chicago.

Chicago Mayor Wants Changes to Illinois’ New Casino Plans

At first, the news of a casino being approved in Chicago was exciting. More than 2.7 million people live in this city, many of whom claim to gamble on a regular basis. Unfortunately, issues have already come up with regard to this new gambling establishment.

This week, Lori Lightfoot made an official pitch to state lawmakers to rewrite legislation surrounding Illinois’ new casino plans. The mayor presented her new ideas for this gaming bill. She claims that the current 72% tax rate set on the Chicago casino would make it impossible to attract investors.

“We feel like things are moving forward in a positive direction but we’ve got to get the language finalized and get it to the respective chambers so that legislators can see what the outlines of the legislation look like,” the mayor said. 

Governor Pritzker seems optimistic that Lightfoot’s plans can be approved before the fall veto session wraps up.

“It’s good for the city, it’s good for the state, so we will be working very hard to try to get something through,” Pritzker said. “There is still some negotiation discussion going on, but I am hopeful that over the next three days we will be able to get it through.”

We’ll need to wait and see how lawmakers feel about the mayor’s new plans. Hopefully, they can come to an agreement and US casino companies can begin getting excited about opening a venue in Chicago.

Illinois Will Soon Have Sports Betting Options Available

It’s clear that officials in this state are trying their best to capitalize on the gambling industry. Illinois’ new casino plans are currently being worked on, and sports betting options are just around the corner. This is all thanks to the US Supreme Court striking down PASPA in May of 2018.

With PASPA now gone, every state can set its own laws on the sports betting industry. Lawmakers in Illinois officially approved a sports gambling bill in June of 2019. Soon, both online and in-person sports betting will be available here.

Illinois will likely have one of the most lucrative sports betting markets in the country. This state is home to several major sports teams including the Chicago Bears, Chicago White Sox, and the Chicago Blackhawks.

It’s unclear exactly when the state’s regulated sports betting industry will open up. Lawmakers here are still working to grant licenses to sports gambling operators.

Do you think Illinois’ new casino plans will be effective at generating revenue? Should tax rates be lowered for the casino in Chicago? Let us know what you think in the comments section below!