Lawmakers in Illinois continue pushing to expand the state’s casino industry. Much of the discussion is centering around plans for the new Chicago casino. Many analysts are now debating where the new casino in Chicago should be located.
There are several locations that could accommodate a new casino. Some are thought to be more ideal than others. Today, we’ll talk about some of the most-likely areas for the new gambling venue to open its doors.
Let’s get into it!
Illinois’ Casino Industry is About to Reopen Once Again
There are a large number of world-class casinos in the state of Illinois. Some of these are tribal casinos owned and operated by Native American tribes. Others are commercial casinos owned by some of the country’s most powerful gaming companies.
Interestingly, state officials want to expand this industry. Back in 2018, Governor Pritzker passed a new Capital Plan to open several more casinos around Illinois. That includes a new casino-resort in Chicago; the first of its kind.
2020 ended up halting these plans. For several months last year, all of the casinos in this state were completely shut down. They began reopening during the summer, yet state officials forced commercial casinos to close down again several months later.
Soon, the casinos in Illinois will finally be allowed to reopen. It’s exciting news for the companies that operate these venues. As Illinois enters into Tier 2 of its reopening process, casinos will be given permission to begin operating at a limited capacity.
It will take a long time before these casinos see the revenue figures experienced back in 2019. The world’s casino industry has been devastated by the events that unfolded last year. Hope is that we see an improvement over the next six months.
Many are now looking ahead to the casino expected to open in Chicago. Here’s a quick update on this exciting new property!
Analysts Continue to Debate a Location for the New Casino in Chicago
When news broke that officials were preparing to open a new casino in Chicago, it spread like wildfire. Many felt it would never happen. This city has never hosted an established casino-resort in its history.
Initially, it seemed likely that this would be a hugely successful gambling property. Chicago is already a major tourist destination. Many believed that opening a casino-resort here would help to significantly boost tourism rates in the city.
Unfortunately, the state set unusually high tax rates on this venue. Many casino companies withdrew from the running to obtain a license to operate this property. The issue of location has also been a big one lately.
No one seems to know where in Chicago this property will be situated. There are several areas of the city still in the running. Lakeside Center and The Chicago Tribune’s Freedom Center are two interesting locations. Many city officials are putting more thought into opening the new casino in Chicago in these areas.
It’s an interesting situation. Everyone wants to ensure that this new casino is as successful as possible. Location will play a huge role in its success. Most analysts agree that the locations being discussed are the best options right now.
Chicago is set to receive an incredible new casino-resort in the near future. We’ll be sure to offer more information on this situation over the next few months. Stay tuned for updates!
State Officials Set a New Tax Rate on Sports Betting Winnings
Back in May of 2018, the Supreme Court struck down PASPA. This gave every state in the country the option to legalize and regulate sports betting. Now, three years later, more than half the country has a sports betting industry.
Illinois’ first sports betting options went live back in March of 2020. Since that time, the industry here has grown steadily. Both land-based and online sports wagering are available in this state. It’s proven extremely valuable in the form of taxes.
This week, reports surfaced claiming anyone that makes over $600 in sports bets will now need to report their winnings to the state. These earnings will be taxed at 15%. Nicholas Royer, a financial advisor for MRFC, believes this will benefit the state in a big way moving forward.
“What happened is the state realized that 94% of sports gambling is now done online. And so they looked at this as, Oh, it’s a revenue that we can create for ourselves now that this is actually happening,” he said. “Illinois, is the fourth biggest in online gambling and sports betting right now in the country. Only behind Nevada, I think New Jersey and Pennsylvania. So it’s a pretty big deal and if we just look at September to October, just in that timeframe from September to October. There was a 42% increase in sports in sports gambling online.”
Many bettors are likely to be disappointed by this news. An increased tax rate could result in some choosing to wager through unregulated sites. In the long run, however, this will play a big role in bringing in some much-needed revenue for the state.
Are you excited to see the new casino in Chicago? Where do you think it should be located? Let us know in the comments section below!