Zero-for-Five
- Prospects for a Chicago casino took a hit Tuesday after a study found that the state-approved proposal would not be viable because of “very onerous” taxes and that five South and West side sites floated by the city would fail to draw enough tourists because they are seen as unsafe and inconvenient or lack nearby attractions.
State lawmakers now may be forced to restart negotiations on an issue that had eluded resolution for years until an agreement was reached this spring. The Chicago casino and five others statewide are part of a massive gambling expansion bill Gov. J.B. Pritzker signed into law this summer that was seen as a signature win for the Democrat.
Because of the way the heavily negotiated law was written, however, a Chicago casino operator’s profit margin “would, in a best-case scenario, equate to a few pennies on the dollar,” according to a report from Las Vegas-based Union Gaming Analytics that was released Tuesday by the Illinois Gaming Board.
High taxes and other upfront costs would lead to low single-digit profit margins, at best, on any of the five sites suggested as possible locations, the study said.
Can everyone dispense with the bullshit now? There's a two-year window built into the law to open a "temporary" casino while an actual structure is being built. Put a few thousand machines and tables in McCormick Place, a few hundred machines at the airports, higher stakes table games in a few of the downtown hotels. Hell, let the Odyssey become a floating playground with three hour gambling/dinner cruises out into Lake Michigan and start generating some revenue while the professionals get things up and running.
Labels: good news
posted by SCC at 12:03 AM
65 Comments:
Exactly— a couple of navy pier casino boats docked on the north side of the pier.
Gives you the two- three hour boat ride while you lose the house and cars.
I know that navy pier is privately owned but money knows no
The moral question is : the amount of illegal drug money that will be washed over and over
But then again, who gives a f&@k...PAY ME
"Prospects for a Chicago casino took a (s)hit Tuesday..."
Fixed it.
You're welcome...
I am a very good friend, for a long, long time, with a GM of many casinos, locally (In.) and across the country, and he has always said the Illinois casinos are lucky to make any money, based on the the state gaming laws and taxation. He's on the square and emphatic that casino profit margins are not close to what people believe them to be. Chicago, don't get your hopes up.
Best line describing Chicago neighborhoods: unsafe and inconvenient
Thanks democrats. You’ve made Chicago what it is.
Gee, the independent consulting firm said in their report that “tourists won’t go to a casino they view as being inconvenient to get to, or unsafe to get to. And they won’t stay at a casino hotel if it is located too far away from other attractions”
No shit. Illinois had to spend all that money to pay to be told that?
I could have told them that very same information for a fraction of the cost.
Hell, most of the people on SCC have that same information for free.
It’s pretty much common sense, which the politicians in Illinois and Chicago don’t have.
Stop catering to “the communerty” that you try to give everything else to for free.
A west side or south side location was always a terrible idea, and will never happen.
I actually propose 14th and Canal.
That’s right, I said it.
The site of Pacific Gardens Mission. Kill 2 birds with 1 stone.
It’s close to Mccormick, Soldiers Field, the expressways, and downtown.
Then, you can build a “state of the art” homeless shelter- complete with services out in 004.
When your housing is free, you don’t exactky get a say in where it’s located.
And then that way, downtown (ie South Loop, State/Hubbard, etc) won’t continue to look like a cross between the west side and a zombie apocalypse with dope heads and mental aggressively panhandling everywhere.
That looks terrible for tourists, and on top of that, it’s dangerous.
Shop them south, but get them help and resources.
Win-win.
“........five South and West side sites floated by the city would fail to draw enough tourists because they are seen as unsafe and inconvenient or lack nearby attractions.”
But the south & west sides are gambling deserts, this is racism!!
How much is parking going to cost... $40 or $60... lol
First it was an Olympic bid. Now casinos. Strike two. Chicago is a failed city. Mayor Lightfoot is a failed mayor.
Even organized crime bosses identify Chicago as too corrupt and crime ridden. These guys are the experts. Its sad when you run a casino and you fear getting robbed by the abundant Chicago street thugs and the elected Chicago politicians with their very own goon squads. The crime families identified the racketeering and corrupt practices in this town as out of control.
Don't mention the bodies. Mob bosses are akin to Chicago's very own barack obama's identified JV team when it comes to dropping bodies. Who would have believed that Outfit players are concerned for their personal safety in this town and fear getting gunned downed like in the rolling 20's. This is the only town where crime syndicates have declared bankruptcy after dealing with taxes, regulation and public corruption.
Mayor Frog Eyes incompetency is on full display.For any people who have never driven thru the hood at all hours of the night would be in for a rude awakening.Casinos need to be near the downtown area or near the airports.Period.
We owe a debt of gratitude to Jussie Smollet for
serving as a safety ambassador for Chicago
neighborhoods. As for those "temporary casinos,"
take heart. We've had Bookmobiles and Food
Trucks (aka Roach Coaches). So I would not rule
out the possibility of Slot Sleds.
There is still the opportunity to renegotiate the tax terms for a Chicago casino. Squeeze a few more percentage points from your pensions share of 33% and investors will make enough profit that those bad locations will work.
This has to be approved by the Gaming Commission? There is a CPD Sergeant on the Gaming Commission, it’s all legit.
I’ve been telling people for years . My buddy was an electrician on Trump Plaza project and he told me they piped all the first few
Floors for slots .yes for a future Casino
Meanwhile, in Gary, IN
https://www.nwitimes.com/business/gambling/region-s-new-hard-rock-casino-to-be-first-quality/article_b6bd90e7-4495-515a-be78-fc2cf21f6af5.html#tracking-source=home-top-story
Downtown DOES look like a cross between the west side and a ZOMBIE apocalypse, with all the homeless and beggars and dope fiends that can't even stay awake while they sit on the sidewalk and hope that enough change will change their life. That is, AFTER, they go buy a $14 pack of smokes with the days pocket change.
Now go ahead and place a casino somewhere and watch ALL THE HOMELESS AND BEGGARS start to hang out near the entrance. After all...they have a right to do that. Right?
Facts are a tough pill to swallow for Democrats.
Now, kees me you fool!!!!
The idea of a Chicago casino is dead. It’s too little, too late. And too much politics and taxing.
Politicians in Illinois can even screw up a one car funeral.
Doesn't the Trump Hotel (reputably) have a floor or two designed for and set aside for gaming?
lack of other attractions? you fucking kidding me?
better than universal studios.
westworld mentality with Link Appleyard security.
Chicago and Illinois are run so poorly it’s hard to believe it. They are so stupid and constantly bit their own hands.
This too will be a bust as it's under the auspice of the democrats. Failure is the only option.
The state of ill-annoy has raised taxes, revenue streams, added new taxes and once again where is all the money going because there aint any improvement across the POS state! When will the federal government do their job and put an end to this disgusting democrat "lets make a deal" type politics? Money keeps being raised and just where does it go? Certainly not paying down pension debt, state debt or repairing infrastructure. I HAVE NEVER SEEN WORSE ROADS, BRIDGES,
STATE BUILDINGS AND GOVERNMENT PROPERTY, FOREST PRESERVES OF COOK COUNTY LOOK LIKE A PETRIFIED FOREST, MANAGEMENT OF STATE AND LOCAL AGENCIES, AND THE REPAIR WORK ON STREETS, BRIDGES, AND LANDSCAPING THAN IN ILL-ANNOY!!! BUT KEEP RAISING TAXES AND SPENDING MONEY YOU "NEVER" HAVE!
Entire state is a bad, bad, JOKE that's not funny any more! Government is useless and has become organized crime!
All Groot would have had to do is read this blog to know the 5 sites she chose were poor choices. Waste of money to pay for that report to establish what every here already knows.
Maybe Groot thought she had to go thru the motions so she can look good to her peoples. Nah, I don't think she's that smart.
the tax structure is:
1/3 owner
1/3 Chicago
1/3 State
they say Rosemont makes about $400M per year. Not sure if that's gross or profit.
You mean no-one is rushing to invest hundreds of millions of dollars, to then have to pay 1/3 of your revenue to the city and up from fees of hundreds of millions. No business can handle those costs. Competing casinos must have written the law to keep the competition out.
Popcorn? How about hobo steak and deviled beef bones?
Ah, Chasen's. A cultural hot spot frozen in time.
What did Lori expect with her idiotic ideas,made with her cabal of cps thinkers? August 29th is fast approaching when lori has her failed state of the city address,and will go after taxpayers for another huge bite,as it is living in Garfield ridge my 2nd installment went up a whopping $975.00,more. Funny how cps just got another 650 million infusion compliments of the taxpayers via lori to keep schools open with more teachers and staff than students, a failing system with what over 500 children sexually assaulted!
Now she will increase taxes yet again. State plates just skyrocketed,the gasoline tax doubled but it is still not enough for the thieving democrats they want more. as they cater to the illegals giving free health care,food,schools,housing as the last gasp of taxpayers are loading moving trucks they keep up the freebies! Not long ago vicious rahm took away police retirees health care,that was given to the hard working coppers now broken and sick for toiling the jungles that are now Chicago where lawlessness is celebrated,and lawful people are damned!
Will lori call out the massive theft of what a billion dollars given freely to rahms family and friends program, golly gee whiz how did he amass over 10 million in pocket change in his campaign funds pay for play? Just axin!
It is clear that LL is going to fuck this up.
She is very stubborn.
She is going to insist the casino helps a
poor (unsafe/inconvenient) community.
The casino people insist the thing will make money.
Therefore, THERE WILL BE NO CASINO IN CHICAGO.
Boo hoo. The casino owner won’t make enough profit. What bullshit. They just trying to get even MORE profit by changing the laws and rules.
How pathetic. Something that works all over the country can’t work here because of the greedy politicians. Mostly Democrats I might add.
Anonymous Anonymous said...
“........five South and West side sites floated by the city would fail to draw enough tourists because they are seen as unsafe and inconvenient or lack nearby attractions.”
But the south & west sides are gambling deserts, this is racism!!
8/14/2019 01:24:00 AM
They would be taking a big gamble just going to those sites!
Does anyone remember why Chicago doesn't have a casino already. The Gaming Board would not give it to Chicago because they did not trust mayor "Short Shanks". And anyway why do you keep electing Garden Gnomes or midgets for mayor?
I actually propose 14th and Canal.
That’s right, I said it.
The site of Pacific Gardens Mission. Kill 2 birds with 1 stone.
Wasn’t that area where Blago’s wife, the broker, did a lot of real estate moves, with and without state property?
I had one of those, “wish I didn’t see that moments”, when I saw Blago’s wife on a float at the Billycan parade! She was sitting between her BFFs, Bobby (the ex Elrukin) Rush and the very reverend jackson sr.. She was waving her hands like she was the main attraction at the parade. If they scam Trump for his release, there will be even more sightings of the victim couple! Blago’s everywhere, again!!!
Well, whoever they get to run it, I hope they are as legit as the Lotto group.
Anonymous said...
How much is parking going to cost... $40 or $60... lol
8/14/2019 01:45:00 AM
Downtown is only way to go. You don’t have to worry about parking. Gamblers will be businessmen or tourists who are already downtown. Or a short Uber ride paid for by the expense account
The City of Chicago is nearing death. No sensible persons/corporations would do business in Chicago. Lori Leftfoot is in way over her head.
In politics, nothing happens by accident. If it happens, you can bet it was planned that way. Franklin D. Roosevelt...
Jelly belly owns all the boats on the pier except the water taxis
and the Windy, which is too small for a casino.
The rich get richer and fatter.
Michael Reese. next McCormick Place, nearby Soldiers Field, nearby Wintrust Arena, Mercy hospital for those that fallout when losing their inheritance, Chinatown, the 1st Ward (old days of skimmers)White Sox Park. Fuck what Las Vegas says they had a single incident mass shooter in their town and it's as full LA gangbangers as LA is.
I'm retired, white,straight guy.
I did some work for the casinos years ago and sent a letter to the mayor offering to help on a committee or something. I was involved in some minor talks years ago regarding this possibility. After all, the pensions need this money and its how I get paid.
Anyway, silence from the 5th floor. Not even a thank you post it note. No wonder they screwed this up.
Investors not only want the lion share of profit streaming, but a good land option too.
GrootFoot knows this, sHe was told so. The shitsville locations were intended to show community investment is alive...now.
(Let’s not forget Rahm pumped millions into underserved business districts [Neighborhood Opportunity Fund] increased it just last year, regardless what GrootLoafer has been yammering lately). Look it up, also The Hatchery.
The real tax incentives can only be had if the casino investors plop a shack on some crime diseased location, maybe like the city sold off old CTA bus terminals for $1. Those Shortshanks deals are long gone so whatever acreage is left is really decrepit. Anywhere else and this was know for decades, downtown property is too damn expensive, except if you’re a restaurant in Grant-Millennium Park area.
As for continual revenue streams, they know it will never be.
This putting a casino venue in Lawndales or Englewoods isn’t like The Flamingo in the middle of a barren desert dream.
Common sense by private investors will prevail.
But not before Frootie MacGrootie and JaeBae Pignuts is willing give a $1 sales price, waive all the state and city’s shares for 10 years, waive all taxes, TIF build the infrastructure on taxpayer dime, then allow investors to soak up every dime of profits (in exchange for 50-100 community jobs), maybe build a school or library a block or two away, and in 10 years the casino will fold.
Been there, done that, this is another gambling license grab, like Rivers in Rosemont, nixing Des Plaines for the location.
A casino investment group is too wise, too long in the business and know better to be fooled and they won’t be, they’re fully in on this casino deal, it’s just a matter of what they’ll be able get glom.
Greedy Chicago will screw this up and pensions will always be doomed by Democrat rule.
Nobody should be fooled by corrupt Chicago Cook Co Illinois.
“But the south & west sides are gambling deserts, this is racism!!“
They gamble in other ways, and according to Hey Jackass, quite a few are winners!
Lemme get my best on, go to da hood, and spend some bills at the casino...... Said no one ever.
They want A casino, yet make it impossible to, then sprinkle location visions of third world violence of Atlantic City glory
Ok ok will change the name to Rahms Place not McCormick or Lightfoot and leave your money place. Hers one Star Wars Casino on the Lake
Groot got her deck from a vending machine
All well and good with your temp plan except who 2ould run the temp casino? Your not seriously sugg3sting the city do it are You? If so there would be no profits at aLL in fact it would wind up being a 30-40 million hit to city treasury. Every Alderman would get his cut, the connected would get their cut city Hall would get their cut, all under the table of course by way of Chicago Way skimming practices. State gets their cut What's left will a big bill for the day to day operations. Rent, salaries for the connectEd, security bills for the community that will be reqired because of the bsd community placement.
So who in their right mind would want to visit a community based Casino filled with gang go angers and their hangers on. Never any replete visitors from out of the hood. But tee shirt sales of " I survival the Englewood Casino" would be big.
Chicago can F’ up a one car parade.
Ok... Stop all the bullshittin', lyin',
false-flaggin' and fake-cryin'...
McCormick Place.
Navy Pier.
And if so much money hadn't been looted from the
tax-payer treasury by Shortshanks and Rahm al-Ghoul,
Goose Island...
Yes... Goose Island...
Re-extend Ogden Ave over the river
and turn it into a circular drive
around the casino complex.
90/94 access.
290 access.
Downtown and Near North proximity.
River cruise from the lake front, Wolf Point
and perhaps the South Branch in proximity
to I-55...
Regardless, work with what's already there.
Anything else is just a license to steal
even more taxpayer treasure.
Just a thought but the reality is that
it is 30 years too late for a casino.
Shortshanks Inc. and "Dese, Dem, Dey & Dose" Guys
would've openly been in the till up to their elbows
had THEIR iteration of a "municipally owned casino"
come to fruition.
THAT and a Chicago Casino would've been an absolute
multi-Billion dollar money printing machine that the
OTHER casino interests wanted THEIR piece of while
the "Dese, Dem, Dey & Dose" Guys with one voice said:
"Fukdat"
So?
The U.S.S. "Windy City Casino" went down like the
Edmund Fitzgerald but every now and again, it's
spectral and ethereal image is spotted and gins up
lots of interest...
Heh...
No one pays any heed to the skeletons littering
the deck, hung up in the rigging and dangling out
of every porthole.
Except perhaps the suspicious taxpayers who will
be on the hook if the actual incarnation of that
ship drags across something tearing the absolute
ass, dick and balls from underneath it sending it
into the drink for real.
>Tits-Up!<
"Gurgle!"
Anonymous Anonymous said...
I am a very good friend, for a long, long time, with a GM of many casinos, locally (In.) and across the country, and he has always said the Illinois casinos are lucky to make any money, based on the the state gaming laws and taxation. He's on the square and emphatic that casino profit margins are not close to what people believe them to be. Chicago, don't get your hopes up.
8/14/2019 12:27:00 AM
100% wrong. Try about 25 % margin. Rivers takes in North of 40 million a month. That would put them in the the 10 million net profit range. Each month.
This really is a joke. Chicagoland is proposed to be saturated with gambling. The entire country is being saturated with gambling (sports betting opening in many states). I'm sure the expectation from the Corrupts (democrats) is that they'll skim 95 cents of every dollar. Kinda doubtful any reputable casino management company (MGM. Sands, etc.) wants any part of that. Plus, the payouts I'm sure would be the worst in the country for the suckers. Hey, who knows you might win a grand some night and then get hit over the head with a sock full of pennies and thrown in the lake when you try to escape to your car. Sounds great!!
Low single-digit profit margins for a casino? Casinos print money the world over. Only in Chicago would taxes and bribes reduce the margin to single digits.
Penny greedy, pound foolish.
Folks need entertainment.
A city can never have enough amusement venues.
Didn’t Riverview Amusement Park and then much later KiddyLand in the nearby tony suburbs... both close because of onerous “taxes” ?
Why is anyone listening to Rahm’s Sophia “I’m friends with the Obamas “ King on the Michael Reese site? She is a machine ass kissing clone of prickwinkle, kim, Raoul and the Democratic machine. The Michael Reese site makes the most sense but Sophia who takes orders from Rahm from granting liquor licenses to his old liquor commissioners clients to allowing unabashed begging and crime in the south loop. I’m sure there is more to her objections on the Reese site than her bs racial nonsense. Rahm or Rezko want it somewhere else. She’s just the mouthpiece.
Nobody wants to touch the Red Herring known as Chicago
Been there, done that, this is another gambling license grab, like Rivers in Rosemont, nixing Des Plaines for the location.
8/14/2019 11:38:00 AM
Uh, Rivers Casino IS in Des Plaines. We like your enthusiasm though, keep it up!
In plain English the casino won't make any money after the politicians get their cut. One sure way for the city to save some money but it ain't going to happen is cut some of the bullshit giveaway programs.
The first day of business school you are taught that the 3 most important things for a successful business is location, location, location. Is there anything that Democrats aren't complete imbeciles about?
Who wants to drive to the ghetto to gamble. Then get stuck up and jacked.Lighfoot is a crusader for her own people and will turn the city to shit. Any casino built in any of these spots will go busted in 2 years.
So basically the casino consulting company said that the Chicago democrats have already f*cked this up and there is no sense going forward because the democratic skim will kill any profit.
You can bet the democrats are definitely going to bury this report.
Anonymous Anonymous said...
The first day of business school you are taught that the 3 most important things for a successful business is location, location, location. Is there anything that Democrats aren't complete imbeciles about?
8/14/2019 08:51:00 PM
---
that's realty, not business. Wow.
https://www.chicagobusiness.com/greg-hinz-politics/lightfoot-communications-chief-out
Loris new press person Michael Crowley is an lgbtq warrior from after school matters and is friends with Rahm and shortshanks. She is a total pos racist scum of the highest order.
Post a Comment
<< Home