A Chicago casino anchoring a redevelopment that includes the former Michael Reese Hospital site would be more economically viable for the city than a Barack Obama presidential library or a cluster of convention hotels, according to a study Mayor Rahm Emanuel’s administration released Tuesday. […]
Under all three scenarios, the city would spent more than $200 million to develop roads, sewers and other infrastructure. But the study found that by putting a casino there, the city would receive at least triple the proceeds for the land it acquired compared to the other two options.
As a result, the study found that a casino development would generate $208 million in net proceeds for the city while an Obama library would cost the city $142 million and a hotel complex would cost $199 million. And that doesn’t even include what’s expected to be a large amount of gambling revenue after the casino opens.
* OK, now scroll all the way to the bottom of the story…
The release of the study came more than 15 months after the mayor signed off on a contract of up to $885,000 to study potential redevelopment uses for the Michael Reese site, which the city purchased for $91 million in 2009 under then-Mayor Richard Daley. […]
The city’s first payment on the land purchase is due next year.
That blows yet another hole in a city budget that’s already riddled with holes. And considering no payments will have been made for five years, I’m assuming interest has piled up quite high. They need a casino just to help make those payments.
* In other gaming related news…
It appears a drastic reduction in 2014 Illinois racing dates will be avoided.
A statement from Glen Berman, executive director of the Illinois Thoroughbred Horsemen’s Association, said his organization and those representing other horsemen had reached an Advanced Deposit Wagering agreement with the state’s racetracks and ADW outlets.
The deal was reached Tuesday evening when the horsemen’s representatives and track management met after the adjournment of the Illinois Racing Board’s monthly meeting.
The statement said the agreement calls for the ADW law to be extended three years beyond its Jan. 31 expiration.
With the current ADW law set to expire on January 31, and the uncertainty of the legislature voting to renew or rewrite it looming — thanks in large part to competing fronts within racing — a united front seemed the industry’s best hope.
In fact, members of the legislature have gone public in saying a unified front was the only way to move the process along.