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May 26, 2020 Comments Off on Lawmakers Remove Hurdle to Financing a Chicago Casino Views: 574 Chicago News, Downtown, Top Chicago

Lawmakers Remove Hurdle to Financing a Chicago Casino

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In a special session that also saw passage of a state budget, the Illinois Legislature voted over Memorial Day weekend to change the tax structure for a proposed Chicago casino. Mayor Lori Lightfoot began pushing for the change last year after a study showed that the Chicago casino’s higher tax structure would make it difficult to attract investors.

Along with changing the tax structure, the legislation would extend from two to six years the amount of time casino’s owners would have to make a reconciliation payment. It also extends the deadline for paying gaming fees.

Lightfoot said passage of the bill “makes the possibility of a financially viable Chicago casino a reality. This moment is decades in the making, and represents a critical step toward shoring up our city’s pension obligations, as well as driving huge levels of infrastructure funding and fueling thousands of new jobs for all of Illinois.”

Read more at Chicago Tribune

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