Bally’s Corporation submitted its application for a Chicago casino license. It is now up for the Illinois Gaming Board to approve the plan for the $1.7 billion casino resort at a riverfront property.
According to Korean sportsbook sources, the proposed Chicago casino has the support of Mayor Lori Lightfoot. However, aside from the Gaming Board, it also requires approval from the Chicago Plan Commission.
Chicago expects Bally’s Corporation to get approvals from the two agencies. Then, it can start operating a temporary casino as early as next summer. However, that’s the most optimistic estimate for the casino’s opening.
Bally’s Filed for Chicago Casino License
The state lawmakers passed a law in 2019 that allowed the creation of a Chicago casino and five other casinos in the state. According to gambling reviews and news sites, the Gaming Board has a year to review the application from Bally’s. Also, the board can extend the period when needed.
Regulators will take a year to vet casino applicants. According to casino news reports, partners of the Hard Rock Casino Rockford waited for two years before they got the approval to open a temporary casino.
The Hard Rock Casino Rockford is the only casino from the 2019 Illinois gambling expansion. Also, Full House Resorts will also open another temporary casino in the state in the fall. The Gaming Board blamed the pandemic for the delays in its reviews. Also, they blamed the competitive bidding process.
The good news is that the Gaming Board is already familiar with Bally’s. The company is the operator of a licensed casino on Rock Island.
Mayor Lightfoot wants the board to have a quicker vetting process. That way, the city can benefit from the potential tax revenue from the new casino. According to experts, it can bring up to $200 million a year that the city can use to fund firefighter and police pension funds.