Casino Time - Again
Mayor Rahm Emanuel said Thursday he’s all for the idea of a Chicago casino, provided certain “conditions” are met, including municipal ownership long-demanded by former Mayor Richard M. Daley.
“We have gambling, or casinos rather, in Chicago. It happens to be in Hammond, Ind. We’re losing that revenue. We can’t continue to do that,” the new mayor said.
Emanuel’s push comes as the Legislature’s spring term faces an end-of-month adjournment deadline with a laundry list of major items still unresolved, including a budget, new legislative maps, and workers compensation and state pension reforms.
This is a huge opportunity for connected folks to make a pile of money. And where money is concerned, well, let's just say the Machine doesn't share very well.
We need some sort of safeguard or addendum to the casino bill that dictates all revenues go to shore up pension obligations before one red-cent is paid out to connected "investors." In fact, there ought to be some built-in rules that 100% of the profit go toward pension funds until such time as the obligations are met for the current fiscal year. That might encourage the casino to actually run efficiently enough to get the pension obligation out of the way as quickly as possible so they can start seeing returns on the initial investments.
We need some sort of safeguard or addendum to the casino bill that dictates all revenues go to shore up pension obligations before one red-cent is paid out to connected "investors." In fact, there ought to be some built-in rules that 100% of the profit go toward pension funds until such time as the obligations are met for the current fiscal year. That might encourage the casino to actually run efficiently enough to get the pension obligation out of the way as quickly as possible so they can start seeing returns on the initial investments.
Labels: money questions
posted by SCC at 12:33 AM
58 Comments:
SCC that makes perfect sense. That's how I know it'll never happen.
"We need some sort of safeguard or addendum to the casino bill that dictates all revenues go to shore up pension obligations before one red-cent is paid out to connected "investors." In fact, there ought to be some built-in rules that 100% of the profit go toward pension funds until such time as the obligations are met for the current fiscal year."
Absolutely! No more patchwork or hodge-podge of monies! The city needs to fix this now, not just let money trickle in and never solve the pension problem that they've created.
I've felt for years that Illinois has allowed billion$ to leave the state when Iowa and Indiana opened up their gambling "boats" and Wisconsin their Indian Ho-Chunk casinos. Our "boats" were a poor attempt to keep gambling dollar$ from leaving the state completely, but we ALWAYS NEEDED a land based casino IN Chicago to allow tourists and conventioneers to leave their life savings behind.
Don't know why the politicians have never pushed for it other than that it would hurt the other, already existing, gambling "boats" AND probably the horse racing industry as well. But can someone please tell me why a gambling boat is OK, but a land-based casino is "evil".
I cannot remember a more astute observation/recommendation SCC!
In non-residential areas of Chicago, legalize brothels and cannabis stores with a 75% municipal tax.
If it brings in the coin then go for it... The new Supe will need coin for the new cars he wants you to drive. I hope they go with the Charger, rear wheel drive is more durable than the front drive Impala.
DUH....The OBVIOUS is that It was rigged. The Daley Machine cut a deal with Iowa & Indiana NOT to allow casinos in Chicago in exchange for a cut, or something else? Daley wouldn't pass up $ unless he was making more $ and/or leverage from it.
Yes, here comes the connected investors. And, here comes the minoriies who are demanding a piece of the pie. But, which minorities get that piece? Why, rich minorities, that is. Not the average working stiff, white or black. Make it a public offering for Chicago residents to buy shares. But, you are correct, the majority of the money should go to shoring up the pension funds for starters.
1) Unless Rahm leaned on Madigan, gambling expansion is NOT happening.
2) Casino/racino is great money maker but state is gonna have its hand out big time.
3) Agree that money should go to sure up pensions.
Busses run non stop 24-7 from China Town to the Horseshoe Casino in Hammond. I bet if they put a Casino where the old Michael Reese was you would make millions off of china Town alone not to mention the folks from McCormick place.
Tht's how they will fund our pensions!
The Daley crime family gets their cut first! We got first dibbs.
The King
Casino bad. Government run casino, worse.
Bravo, SCC!!
A FANTASTIC IDEA!
This has been the thrust of why the police investigative portion of liquor, PPA and other vice related licenses were removed from CPD. No one to stop or slow them down in their pursuit of corruption.
And the huge bunch of old retired white greedy exempts like Cline, Byrne, Maurer, Stevens, Keating, Chiczewski, etcetera are probably already salivating and jockeying to run the casino security. If they need a black face, they'll find old rough and ready Hillard and dust him off again to be the front man.
Or Marano and his crew over at SMG are making calls to cut up the pie.
The whole bunch will either be stabbing each other or have a meeting to make peace and consolidate their efforts.
But, then Vanecko and Daley Security, VD'S for short (HA!) will swoop down and take it all!
Watch all these creeps crawl out of the woodwork. Screw all of these greedy sob's!
Oddly enough, it may be the underfunded pensions that force the Casino issue.
Yes, we are allowing PILES of money to leave the the city and state for the benefit of the city of Hammond and the state of Indiana.
Gaming, like anything else, will always have its worst case scenario- the family man who blows juniors college fund at the tables... I'm just so goddamn sick and tired of our passing laws that take away rights from everyone because of the small handful of human catastrophes who cannot keep their failed lives under control.
Be it taking away gun rights because of the scant handful of morons who use guns to commit crimes, prohibiting gaming based on whatever anecdotes arise about problem gamblers or prohibiting very benign drugs like Alcohol because...
Wait.
We learned from our mistakes there and undid that.
OK, criminalizing marijuana because...
Wait....
Why is that still illegal, again?
All of this nonsense goes back to a bullshit puritan impulse that just has absolutely no place in a modern, free society.
Tax it, regulate it, compartmentalize it and let people make those damn decisions for themselves. That's what freedom is all about.
Rant over.
The lottery was supposed to solve our school funding problems so long ago. Remember all the promises and I also remember being lead to beleive that all of the money was to be used for education. The only thing you can absolutely count on is that the politicians of both parties will not keep a promise, will never do the honorable thing, and they will always take the prime cuts for themselves, their family, and their friends, and leave the public with meger scraps. Hell even the people they refer to as their friends are people that pass them campaign money, and other inticements, these people don't know the meaning of public service.
Very well said
The City will screw this up, they will try to charge to park, charge for entry, and steal all the profits.
It makes sense SCC but it will never happen. Chicago is hungry for revenue. All of our state legislators know that if Chicago (with its' large representation) doesn't get revenue one way (i.e. casino) they will get it another way (i.e. via taxation of everyone in our state). But the funny part is that in about five years Chicago will say "we are broke, we need more money".
i bet you that i can quit gambling.
our 23rd ward alderman would not have to drive as far in his company car every weekend. this could save the taxpayers a few dollars.
Wasn't one of our last contract raise based on the assumption that Chicago would have a casino?
Im surprised the Dems have'nt come up with some sort of native american tribe indigenous to chicago to prop it, so they can keep all the money without paying taxes. I mean come on, you actually "trust" that a casino in chicago will be some sort of legit revenue generating enterprise?? Will my taxes go down? Will my pay go up? Will everything be the same but now we have a casino? Will there be a phonecall casino unit created? Will Dominic Longo be the director of chicago casinos? Gimmie a break
If they were concerned with pensions they would be in better shape, this money will be used for monuments statues of Rahm in every park and perhaps a Daley statue at Meigs.
Maybe they can model it after the Lottery....Remember, all the proceeds were going to Education....B.S.
The bottom line is that Chicago is definitely tourism dollars to other towns because of the lack of casino(s) in the immediate area. Those that are worried that the poor folks on welfare will lose their money...teach these people a little will power and if you can't afford to lose it, don't spend it.
any time a bill is introduced that effect your pension,your local should be notified. sometimes they sneak it in as a rider.you have to be proactive.
won't happen.....too bad
Start doing opposition research on the people attacking our pension and you'll find interesting facts.
Laurence Msall of the Civic Federation earned his spurs as a top aide to disgraced former governor (felon) George Ryan. Msall, who lives in Oak Park, administered Illinois First $$$$$.
Less $$$ for the workers, more for the contractors.
will create security jobs for retired officers , good idea
daly didn't want putt putt boats
and chicago is broke , but has half a million for daley body guards , unbelieveable
Hey 5:39, ever hear about payoffs to certain "select" people to stall any talks of land based casinos in the city? Hello!!! Think of where you are at and how things work in this Cesspool.
dont know much about the new supt but he does have a sense of humor.
At the exempt meeting the other day he was joking about looking for an apt and if anyone had a spare room until he found one. One of the members in the crowd says, " I know where there is a nice condo in the south loop for sale" He got a kick and said no thanks, bad vibes in that place.
Where the hell is our new Boss?
Man, sometimes I just feel like that kid sitting on the stairs waiting for my parents to show, everyone else has been picked up and it's starting to get dark...
Hello, Boss?
I know a handful of diehard gamblers that spend 3/4 days at the boat,and they all go to Hammond because they can smoke.And the funny thing is that one of them lives 10 minutes from the Hollywood Casino in Joliet.I don't see having a Casino in the city is going to make them change their habits.
Nice thought but it can never happen here. The first dollar would be pocketed or spent on whatever pet project our massive local & State bureaucracy sees fit. If we kept to the original intent of LIMITED Government; keep the peace, secure the borders, etc. there would be PLENTY of money to run the Government and fund pensions. Instead we have Erkel hiring worthless relatives at 100 k +, Quinn putting a buddy on the prison review board for two years who worked a whole 4 hours, supporting "undocumented workers", etc. I hate to say it but in order for things to get better it will probably have to collapse first.
Related Topic.
Residents Vow To Fight Plan To Raise City Sticker Fees
By CBS Chicago cbs Chicago – Fri May 20, 2:44 pm ET
Some community activists are organizing to fight a proposal to raise the price of a city sticker in Chicago.
They've started a petition drive against a plan by Ald. Proco Joe Moreno to raise $21 million by raising sticker prices based on the kind of car you drive.
Raul Montes Jr., who is leading the effort, says: "It's like everything is going up, parking meters, city stickers now. What's next? Taxes? It's difficult to live in the city."
The activists gathered on a street corner in Wicker Park, where you'd be hard-pressed to find anyone who wants to pay more.
"No, I don't want to pay more for a city sticker. I am paying plenty already," said one resident.
SUV and pick-up owners would pay $155, up $35.
The owners of smaller vehicles, now paying $75 would pay $95.
Owners of small hybrids would have to pay $25 for a sticker, rather than the current $75 for passenger vehicles, while large hybrids would pay $65.
Maybe they could earmark a certain % to our pensions. You know pay up what they owe the fund and make it whole again. That would make more sense than expecting us to take reductions in benefits.
What the Hell am I thinking this is Chicago and the Rahmfather is at the helm.
That's easy, The Chicago-Vanecko Casino Management Company.
Casino - YES !!!!
Look what the LOTTERY has done to fund the schools of Illinois !!!
LADIES & GENTLEMEN WE GOT A WINNER HERE !!!
Thank you Governor, We the People believe Illinois is the #1 state in the Union !!!
Hopium Days are here again !
Build it and they will come, what better way for the government to get their money back from the jobless patrons that will flock with their entitlement money.
Mmmm- mmm - mmm !
Another fairytale like fishing in the Chicago river, Deep Tunnel and a crime free Magnificent Mile.
Signed:
Lost Hope - Keep the Change.
Slot machines in the airports...duh!!! Its not rocket science.
All Police Officers need to write their State Representative and State Senator regarding your pension. If your really concerned write them all. If we remain the silent majority we will be continued to be treated like the silent majority. We need to wake up and get involved in the political process or we'll be in the welfare line for our golden years of retirement. Is an hour of your time worth saving your pension. The below links will get you on your way to becoming involved. http://www.illinoissenatedemocrats.com/index.php/contact-us
This is a sample letter must read
http://whistleblower2010.blogspot.com/2011/05/chicago-police-pensions.html
It's your life, your pension and your future. You can sit by and do nothing or get involved and secure your future. It's your call, but don't come bitchin when the slicksters tell you you'll have to work 35 years for a 50% pension and it will cost you an additional 6% of your salary. Time to be loud. If you don't talk nobody knows what your thinking.
Whistleblower
Are the politicians giving up percentages of their pensions like they are preposing for us?
How much are they giving up?
Why are politicians pensions getting stronger and ours getting weaker?
I cannot wait til Des Plaines Casino opens. WOOOO HOOOOO!!!!
5/20/2011 11:14:00 AM:
'All of this nonsense goes back to a bullshit puritan impulse that just has absolutely no place in a modern, free society.'
all this may originated with a puritan impulse, but what drives it now is 'black market value'.
'Tax it, regulate it, compartmentalize it and let people make those damn decisions for themselves. That's what freedom is all about.'
'black market' capitalism has no use for freedom. for the black market capitalists, freedom merely reduces profitability.
as for 'government', government is people actively conspiring with all types of capitalists, with their associations with 'black market' capitalists being the most profitable, ie., tax free income.
government is people.
people love to profit.
the Seven Deadly Sins are, as always, alive and well.
'Rant over.'
....these people don't know the meaning of public service.
5/20/2011 11:49:00 AM
sure they do.
the public exists to serve their desires, with or without the public's approval, cooperation or knowledge.
5/20/2011 01:08:00 PM
find that one descendant of a tribe that has been historically documented as being indigenous to this city's geographic footprint and, man, that dude, or chic, would be fuckin' golden.
Those that are worried that the poor folks on welfare will lose their money...teach these people a little will power and if you can't afford to lose it, don't spend it.
5/20/2011 01:48:00 PM
think outside the box here.
what better way for the working tax payers to recoup a portion of the unearned benefits being financed by said tax payers?
the only ones that would be crying would be the quickie mart owners, the dope peddlers, the hooptie dealers, the local booze bazaars and the rap crap industry.
a win-win scenario.
....perhaps a Daley statue at Meigs.
5/20/2011 01:09:00 PM
for me to poop on.
Stanley Seagull
Pauly Pigeon
Carl Crow
et al
Man, sometimes I just feel like that kid sitting on the stairs waiting for my parents to show, everyone else has been picked up and it's starting to get dark...
Hello, Boss?
5/20/2011 04:29:00 PM
so start heading for home on foot and scare the shit out of them.
I hate to say it but in order for things to get better it will probably have to collapse first.
5/20/2011 04:54:00 PM
yep, ya can't keep adding floors onto a house of cards forever.
eventually, the weight brings it all crashing down.
Pai Gow!
Why should I gamble in the city, Navy Pier, when I can go to Rosemont, 5 min from the house? Chicago is late on this one. Any money from a Chicago casino will never find its way into the pension.
"Rivers Casino will be the name of the casino being built at River Road and Devon Avenue. The casino will open to guests this summer. The name is reflective of its location near the Des Plaines River. This will be the first Chicago area casino in over a decade to be built."
The lottery was supposed to solve our school funding problems so long ago. Remember all the promises and I also remember being lead to beleive that all of the money was to be used for education.
Read what they (Chicago/Illinois Democratic Pols) say carefully. Look for, and stop all possible loopholes before they can be put into practice... All the education money DOES go for education. However, they are able to take the same amount of money OUT of the budget to use for something else. They are not lying, just not trustworthy.
Daley receives over $180,000 a year pension . Where in his pension or city ordinance does it permit a former mayor to receive 5 body guards and 2 vehicles at the expense of taxpayers.
This is a complete abuse of power.
Judges and Police Officers do not receive body guards .
Why does Mr. citizen former mayor daley , where's the outrage from news media and community organizations ,
cps honor students are gunned down everyday and our former mayor has 5 police officers making over $100,000 a year to drive him around.
"We need some sort of safeguard or addendum to the casino bill that dictates all revenues go to shore up pension obligations before one red-cent is paid out to connected "investors." In fact, there ought to be some built-in rules that 100% of the profit go toward pension funds until such time as the obligations are met for the current fiscal year."
Great idea, don't get me wrong. But, I think you may have watched "Yes Virginia, There is a Santa Claus" one too many times. Fat chance that the mob connected machine will throw you a bone. They couldn't give two shits about us or returning all the pension money that they stole.
Anonymous said...
Daley receives over $180,000 a year pension . Where in his pension or city ordinance does it permit a former mayor to receive 5 body guards and 2 vehicles at the expense of taxpayers.
This is a complete abuse of power.
Judges and Police Officers do not receive body guards .
Why does Mr. citizen former mayor daley , where's the outrage from news media and community organizations ,
cps honor students are gunned down everyday and our former mayor has 5 police officers making over $100,000 a year to drive him around.
5/21/2011 10:24:00 AM
Daley knows how much the police of this city hate him and he proceeds accordingly. He buys off a few to protect him from the rest.
By the way, I worked special employment with some of his detail. They get Sgt. pay when they work Special Employment too. At 1.5x pay.
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