During a contentious and at times heated meeting between alderman and Mayor Lori Lightfoot Wednesday, the Chicago City Council approved a $1.74 billion contract to bring a Bally's Corporation casino to the city's River West neighborhood in the 27th Ward.
But the deal, which was sent to the full council by a special committee consisting of aldermen on Monday, wasn't without controversy.
Several alderman Wednesday spoke out against the project and criticized Lightfoot's handling of the process, saying it was rushed, and that disclosures and other necessary information wasn't provided upfront.
During one vehement exchange, Ald. Sigcho-Lopez of the 25th Ward referred to the project as a "failed process," saying the Lightfoot administration is "more worried with campaign contributions than doing the right thing for the city of Chicago."
Banging her gavel, Lightfoot fired back shouting, "You are a liar sir. You are out of order. I will not sit here silently while you besmirch my reputation and the people that work for me."
The casino was approved in a 41-7 vote.
The resort is planned for the former Tribune Publishing plant in River West at N. Halsted St. and W. Chicago Ave., but that land has yet to be developed. According to Lightfoot's office, that's expected to take three years, with the projected opening date sometime in 2026.
In the meantime, a proposed temporary casino site in River North at the Medinah Temple, 600 N. Wabash in the 42nd Ward, could be up and running as soon as sometime in 2023, if the Illinois Gaming Board provides approval.
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Chicago's Bally's Casino, By the Numbers
The $1.74 billion dollar project includes:
- A 3,000 seat theater
- An extension of the Riverwalk and pedestrian bridge
- A 500-room hotel tower
- An Outdoor park and music venue
- A fitness center, sun deck and pool spa
- Six restaurants and a food hall
- 3,400 slots
- 170 game tables
- Nearly 3,000 permanent jobs
As part of its proposal, Bally's offered the city $40 million up front. and $4 million per year after that.
The city estimates a casino will bring in $200 million a year in tax revenue -- money that is earmarked for police and fire pensions, according to officials.
According to officials, Bally's has committed to 60% minority hiring for its nearly 3,000 jobs.
Bally's is expected to pay the city $40 million as an upfront fee, with payments of $4 million per year thereafter.
The city estimates a casino will bring in $200 million a year in tax revenue -- money that is earmarked for police and fire pensions, according to officials.
