Chicago Authorities Issues RFP for a New Casino ProjectMay 8, 2021 John Isaac
Chicago authorities are ready to open a new casino complex. Officials will announce the RFP today, and interested parties must submit their bids by 23 August. The objective is to make a contract and open a new complex by 2025. Chicago Mayor Lori Lightfoot hopes by Las Vegas casino companies to submit proposals.
During an online press conference, the mayor announced that the project would become an excellent entertainment point. Managers wish to make sure they are partners with a company that takes the city seriously and realizes the rare possibilities the city has to offer.
Only One License Available
Chicago program to give only one license; for this reason, contests can be fierce. With the license, you can create a casino complex from the winning application anywhere you choose. The operator may install slot machines at O’Hare International and Midway International airports. The revenue capacity is huge; because of airport and casino game options. The city website has all the details you need for proposals.
The hotel must have a resort and casino with at least five hundred rooms. The property must have restaurants, bars, entertainment venues, conference rooms, etc.
The project is expected to create well-paid jobs and new opportunities for employment in the region. Chicago citizens should be eligible for the job, and the operator must offer coaching and internship programs.
Candidates must figure out some way to use the Chicago business through their programs. The focus is on veterans, minorities, women, and people with disabilities who have businesses. Operators are expected to hire six percent of women and 26 percent of minority businesses. Chicago-based companies are also reported to be used in the planning and development of the casino.
The income produced from the gambling tax will use in the city. The funds will cover the pension obligations of the fire and police department. Chicago is planning to charge 40% of the tax from the casino. It is a pretty high rate if we compare the 6.75% tax in Nevada.
It is Still Not Known Where Exactly the Casino Will be Built
After selecting the licensee, the city will enable the gambling providers to provide a temp resort in the town for 24 months. For this, an extension of one year is applied. It helps the operator generate income before the casino opens.
According to Mayor Lightfoot, the casino business is one of the best possibilities for development in the US because of the large size of the metropolitan. Chicago is home to approximately 9.5 million people and hosted 60 million US tourists in 2019. She hopes that future gambling providers will be able to integrate their business into the city’s cultural life, diverse economy, and transportation framework. It remains to be decided where the casino will be built.
From the beginning of March, when the request for proposals first stated, experts are assessing which casino firms could be engaged in presenting a proposal. The list starts with three gambling firms Hard Rock International, Wynn Resorts Ltd, and MGM Resorts International.