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* Tribune…
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.
More…
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.
posted by Rich Miller
Wednesday, Nov 20, 13 @ 2:39 pm
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The Reese site was going to be the Olympic Village. Boy, Daley really mortgaged the city on that pipe dream.
Emanuel should have no problem getting his casino. He’s the most powerful man in Chicago, according to Chicago Magazine.
No way the 70th most powerful, Pat Quinn, could hold him up.
Comment by wordslinger Wednesday, Nov 20, 13 @ 2:56 pm
Daley left this and a whole bunch of other financial landmines planted all over the city. Rahm must feel like that guy in the Hurt Locker, except without the blast suit.
Comment by 47th Ward Wednesday, Nov 20, 13 @ 3:03 pm
Democrats just being Democrats. Nothing new here.
Comment by Downstater Wednesday, Nov 20, 13 @ 3:05 pm
Didn’t even build a roost for all the chickens to come home to…
Comment by Toure's Latte Wednesday, Nov 20, 13 @ 3:19 pm
Got to give Da Mayor credit for knowing how to avoid dealing with his own issues…
Comment by OneMan Wednesday, Nov 20, 13 @ 3:20 pm
What about the Chicago Police and Fire pension obligation starting in 2015? The Mayor finds money for the Washington libary , DePaul Stadium, Maggie Daly Park, Malcom X College, the list goes on amd then rhe city rents out old Police Stations for 1 dollar and by the way Speed Cameras for “the Children” ? Come on Mr. Mayor? Now he is attempting to delay paying into the Pension until 2022 or something. Why cant this guy do what the law states and also his Moral Obligation? I am so sick of this stuff.
Comment by Anonymous Wednesday, Nov 20, 13 @ 3:29 pm
He could just raise parking rates to generate revenue. Oh wait…
Well, just lease the Skyway. That might… no, no, forgot about that one too.
At least they still have plenty of funds left over from selling those assets. That comes in useful for rainy days like this. No? So much for that.
All we need to do is privatize a few more of Chicago’s other assets. Maybe some schools as well.
Then things will really be fine. I know this because Mayor Daley and Mayor Emanuel say so.
What could go wrong?
Comment by Formerly Known As... Wednesday, Nov 20, 13 @ 3:44 pm
Thus study has a major flaw.
it assumes there are no other costs from a casino apart from the infrastructure. The SA for Peoria wrote a peice a while back talking about the burden the casino placed on police and SA resoruces becuase it increased crime in the area for various reasons.
Comment by Ghost Wednesday, Nov 20, 13 @ 3:47 pm
Happy to see an agreement on Advance Deposit Wagering (ADW). Now, let’s get it passed and signed into law before the January 31 expiration date.
Comment by Roamin' Numeral Wednesday, Nov 20, 13 @ 3:48 pm
The brain trust of the Harold campaign at work? Highly effective.
Comment by wordslinger Wednesday, Nov 20, 13 @ 3:49 pm
Why pick? Wrap it all into one….an Obama administration inspired casino, hotel complex and golf course/library. The casino and golf course are surely more than enough to help us fondly remember ‘ol 44.
Comment by anonymous Wednesday, Nov 20, 13 @ 3:54 pm
This does not sound like a really difficult economic decision to me. One is “If you build it, they will come and come back often”, the other is “If you build it, some may come once”. Or not.
Comment by A guy... Wednesday, Nov 20, 13 @ 4:07 pm
….an Obama administration inspired casino, hotel complex and golf course/library.
I hope that was meant as a joke.
Comment by Ruby Wednesday, Nov 20, 13 @ 4:07 pm
@Downstater:
Go away already.
Sincerely,
Everybody
Comment by Demoralized Wednesday, Nov 20, 13 @ 4:11 pm
@wordslinger - I couldn’t tell if that post was supposed to be snark-tastic or simply from outer-space. Talk about coming out of left field…
@Ghost - excellent point. Funny how those seeking a particular result - let’s say, a new casino - seem to always find an economic projection or two supporting their desired outcome. Purely coincidental, for certain.
Comment by Formerly Known As... Wednesday, Nov 20, 13 @ 4:49 pm
…and yet, Rahm will not call out Daley by name or his toadies who went along with these failed deals.
and Daley struts around chicago (and now Gary, IN) and the U of Chicago campus, as proud as a peacock.
why on earth are Chicagoans considering naming anything else in the cit after this family (Maggie Daley Park, Sis Daley Cultural Center…..)?
Comment by Casey Wednesday, Nov 20, 13 @ 4:57 pm
Daley was reckless, irresponsible and completely cowardly on fiscal matters. Why he has such a great reputation nationally is simply beyond me.
Comment by Chicago Cynic Wednesday, Nov 20, 13 @ 5:30 pm
“and yet, Rahm will not call out Daley by name or his toadies who went along with these failed deals.”
They must have had a discussion about this during Rahm’s campaign. Rahm knew the budgetary nightmare he was inheriting and that he would have to blame the previous administration. The two then agreed Daley’s name would not be invoked in the blame game. It’s all theater.
I don’t know why Chicago continues to name things after the Daley family. The first ladies knew what their husbands were doing, and Maggie’s friends even got a cut of the O’Hare action with bookstores.
I take solace in the fact that people have finally woken up to the “Greatest Mayor in America” Daley PR bluster being a myth and a terrible joke. Daley should be run out of Chicago for his fiscal malpractice.
Comment by Independent Wednesday, Nov 20, 13 @ 5:31 pm
I thought the Obama Presidential library was going to be built in Nairobi, Kenya.
Comment by Hacks Wednesday, Nov 20, 13 @ 5:32 pm
“Why he has such a great reputation nationally is simply beyond me.”
The Chicago MSM played a huge role. Many of Fran Spielman’s articles were all but written by Daley’s press secretary Jackie Heard, without any critical examination. It’s continuing, to a lesser extent, under Rahm. The national media saw glowing reviews from the local media and concluded Daley was wonderful without verifying.
The Tribune and Sun-Times enthusiastically endorsed Daley each campaign. I do give credit to their investigative reporters who exposed the corruption under Daley. The TV newscasters were for the most part Daley cheerleaders. Few had the courage to tell the truth and be left out of the in crowd.
Comment by Independent Wednesday, Nov 20, 13 @ 5:39 pm
As far as I’m concerned you can’t say enough bad about Richard M. I voted for him in the 1983 primary versus Byrne and after the fact was relieved he didn’t win. It’s unfortunate that ordinary folks are left to pick up the tab for his crazy financial scams. A 75 year lease for parking meters? The British needed their Navy to get a 99 year lease on Hong Kong. Daley just gave away the store. Too bad he didn’t leave 10 years earlier.
10 years from now no one will be able to recall any positive impact of his tenure as Mayor.
Comment by DuPage Dave Wednesday, Nov 20, 13 @ 7:41 pm