August 14, 2019 Comments Off on “Onerous” Taxes Could Scuttle Chicago Casino Plans Views: 484 Chicago News, Top Chicago

“Onerous” Taxes Could Scuttle Chicago Casino Plans

Development of the proposed Chicago casino probably couldn’t be financed by traditional means, says a consultant hired by the Illinois Gaming Board. That’s due to the “onerous” taxes and fees imposed by the state legislation that authorizes operating a casino in the city.

“To the extent a casino operator could pare down expenses and realize modest revenue and profits from non-gaming amenities… total enterprise profit margin would, in a best-case scenario, likely equate to a few pennies on the dollar,” according to Union Gaming Analytics’ report.

In a statement, Mayor Lori Lightfoot said, “While the study confirms our concerns about the tax structure that the legislature passed, we know that this can be addressed, and we look forward to working with the governor and legislative leaders to revise the legislation and ensure a new casino will be beneficial for Chicago’s communities and the entire state.”

Pictured: The former Michael Reese Hospital site, one of five possible casino sites proposed by the Lightfoot administration.

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