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Chicago Mayor, confirms Bally casino’s pledge of $40M to the city

Bally’s has officially fulfilled its commitment to the city of Chicago to pay $40 million, bringing the casino that has been anticipated for so long one step closer to reality. On Thursday, Chicago Mayor Lori Lightfoot issued a statement confirming the news, and as a result of this turn of events, the $1.7 billion riverside casino and resort that will be built on the former site of Tribune Publishing in River West is now able to go on to the next stage of its construction.

The multi-million dollar payment that was promised to Chicago in order to make the city’s first casino a reality has been deposited into the city’s coffers.

“This is the first down payment from the casino on the future of Chicago’s pensions and a clear indication of the City’s commitment to its hardworking public safety professionals,” a Mayor’s Office statement read. ” … Mayor Lightfoot and her team look forward to building upon this success by bringing thousands of good-paying, union jobs and a world-class entertainment district to the River West neighborhood. The Mayor also looks forward to continuing to engage with community through the establishment of a casino community advisory council.”

The city’s pension obligations will be supported by the money, which was a big element in making Bally’s the lead among the three contenders. Bally’s has also committed to providing an annual payment of $4 million to the city toward this goal, and it has promised to create an annual taxable income of $200 million.

The mayor signed a comprehensive community host contract for the casino last week, putting the finishing touches on everything from Bally’s license to operate to the size requirements for the casino and the opening dates for the casino.

The location of the planned Bally’s casino in Chicago is 700 West Chicago Avenue, at Tribune Publishing. Official sources indicate that it will include a total of 500 guestrooms, 3 bars, 6 restaurants, an entertainment arena with a capacity of 3,000 seats, 3,400 slot machines, and a gaming floor with 173 table games.

The corporation has made a commitment of $75 million to fund infrastructure enhancement initiatives in the area surrounding the casino. These projects include things like synchronized traffic lights as well as the rehabilitation and enlargement of local highways.

The plan for Bally’s casino was accepted by the Chicago City Council at the beginning of May with a vote of 41-7. It is anticipated that the project would result in the creation of 3,000 employment during the building phase and 3,000 permanent casino positions once it is completely operating.

According to Bally’s, an interim casino will open its doors in 2023, while the permanent casino will open its doors either before the end of 2025 or at the beginning of 2026. Bally’s was the front-runner for the Chicago casino in large part because of the money, which was one of the other significant criteria.
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