Chicago casino finalists: What to know about the bids, from the locations to the possible roadblocks

Chicago is one step closer to a potential big revenue boost and achieving a goal that has eluded local mayors for decades: its first casino.sorts through the proposalsThe three remaining bids advanced by the city may represent the path of least resistance for a Chicago casino. But none has landed without some objections or concerns, which the city may have to confront before it narrows the group down to a single favored plan, which officials said will be by early summer.

The city, which is banking on a casino to generate $200 million in annual tax revenue to plug its public pension funding holes, plans to submit its choice to the Illinois Gaming Board for approval in time to include upfront payments from the winning bidder in the 2023 fiscal budget this fall, said Ald. Tom Tunney, 44th, chairman of the the Special Committee on the Chicago Casino.

If Rivers 78 gets the nod as the Chicago casino, developers plan to launch the temporary facility in an old-school vessel: a renovated riverboat docked at the South Loop site along the Chicago River. Bally’s plans to use a former Tribune Publishing warehouse once earmarked for a residential and office development as its temporary casino while the Freedom Center is demolished and the permanent facility is built.

“Big changes can be made,” said Curt Bailey, president of Related Midwest, the developer behind the proposed Rivers 78 casino in the South Loop. “We want to be great neighbors and want the neighbors to want to be around us.” As Chicago nears a decision on a winning casino bid, there is a lot at stake for the city, which could boost its financial fortunes and help plug its public pension funding holes with upward of $150 million in annual casino tax revenue, according to projections.

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