Chicago officials are looking for a company to build the city’s first casino. But big gambling companies are anxious that the government’s plans will be too expensive to make the project viable.
The city is looking for a megaresort with hotel rooms, meeting space, and a surrounding entertainment district. According to city officials, Chicago is hoping that a casino will help its underfunded pensions.
Chicago’s requirements for the megacasino could necessitate a developer spending $1 billion or more to complete the project. Casino-resorts that have opened in recent years in Las Vegas and Boston, albeit on a larger scale than what Chicago has proposed, have cost $4.3 billion and $2.6 billion, respectively.