For years, officials in Illinois have been working on ways to build and open a new casino-resort in Chicago. Many are now beginning to question which company will choose to operate this gaming venue. New reports indicate MGM Resorts has no desire to operate the proposed Chicago.
There are several reasons why this is. Today, we’ll explain what has led to MGM Resorts passing on this venue. We will also talk about when and where this property could finally open its doors.
Let’s get into it!
Gaming Revenue Continues to Ramp Up Around the US
The US casino industry has been in a major recovery over the past few months. States around the country continue to report increases in revenue. Some, of course, are seeing more impressive revenue figures than others.
Nevada had a hugely impressive month during March. That month, the state saw an amazing 67% jump in overall gambling revenue. The Las Vegas Strip ended up bringing the largest revenue figures, yet the entire state saw a big increase.
New Jersey also experienced a major revenue boost during March. The casinos here reported an increase of 75% in revenue when compared to the same month in 2020. Both casino and sports betting revenue are up here.
Many of the country’s smaller gaming hubs have been seeing revenue increases, too. As a result, many states are once again looking at expanding their gambling industries. Many exciting new casino-resorts are expected to open around the country over the next few months.
Casino companies are seeing their stock prices increase. This trend is expected to continue as tourism rates into major gambling hubs increase. It’s an extremely exciting time for the country’s gambling industry as a whole.
Illinois is one state looking hard to open new casinos. That includes one in Chicago. Unfortunately, officials here are finding it difficult to find companies willing to operate this property.
MGM Resorts Shows No Desire to Operate the Chicago Casino
The US is home to many of the biggest, most successful casino companies on the planet. That includes MGM Resort, which owns and operates a huge number of major casino-resorts in Las Vegas. This company has expanded around the country over the past few years.
Interestingly, MGM Resorts is showing no desire to operate the proposed Chicago casino. Like many other companies, MGM feels there are too many issues surrounding this venue. That includes the high tax rate set in place here.
Company officials have confirmed that they are unlikely to apply for a casino license here. Instead, MGM is focused on locations such as Japan, Florida, and New York. Officials within the city of Chicago released a statement on this news this week.
“MGM Resorts is a respected company and Chicago would have been delighted to receive an MGM casino proposal,” the statement said. “We understand each casino operator will need to determine which opportunities are best suited for their organization and that MGM has prioritized its focus for several years on opportunities in Japan and its mobile wagering businesses. However, we believe other well-respected casino operators have a different view of this once-in-a-lifetime opportunity in Chicago, and we expect to receive outstanding proposals for the Chicago casino.”
Many believe it’s time for Chicago to update its regulations. The tax rate set for the casino here is still considerably too high. Until this changes, more companies are likely to pass on applying for a license here.
Many are still asking where this new casino will be located. We are beginning to hear more about that as the year goes on.
What is the Most Likely Location for the Casino in Chicago?
There has been a huge amount of attention placed on Chicago’s casino plans in recent months. Officials here are realizing how much revenue can be earned from the gambling industry. Mayor Lori Lightfoot has been working hard to get this venue up and running as soon as possible.
Not long ago, reports surfaced that officials want to get this casino operational by 2025. It’s exciting news for gambling fans in the state. Of course, there is still no confirmation of where this casino will be located.
Eleven different companies have voiced their opinions on where this casino should be located. Most of them are favoring a downtown location. Ultimately, the location will be chosen by the company that receives permission to develop this property.
Hope is that this casino ends up being a major revenue-generator for the state. Many of Illinois’ lawmakers are expecting big things from this venue. If all goes according to plan, it will help to significantly boost tourism rates in Chicago.
The state’s sports betting industry continues to expand, too. Revenue from this industry continues to increase with each passing month. It’s an exciting time for the gaming market here.
Are you surprised to hear that MGM Resorts isn’t interested in opening the Chicago casino? Let us know in the comments section below!