All is Well! All is Well!!!
Don't worry....those promises about the money going to shore up pensions? Still 100% legit! Pinkie-Promise:
With the betting window closed on the first full month of operation at Bally’s temporary casino, the Medinah Temple site raked in more than $7.6 million in October, a 12% decline in average daily revenue compared to its first few weeks.
The latest monthly cash count announced Wednesday by regulators at the Illinois Gaming Board put the River North betting house near the top of the state’s roster of 15 casinos — but well behind city tax revenue projections for Chicago’s desperately underfunded police and firefighter pensions.
Bally’s adjusted gross revenue — its profit after paying winners — shook out to about $245,446 per day in October, down from an average of roughly $278,268 from its Sept. 9 opening through the end of that month.
And while the new casino at 600 N. Wabash Ave. remained the second-biggest draw for Illinois gamblers among the state’s gaming destinations, monthly admission figures suggest the excitement could be wearing off.
We wrote a while back about City budgets being predicated on total fantasy numbers...."projections."
That's exactly what's happening now. None of these projections have anything to do with reality, like the looming recession or the dying tourism or the hotels being turned into shelters or downtown leases being defaulted on and office space being abandoned.
Quite frankly, we wonder if the casino will ever end up being completed.
Labels: money questions
posted by SCC at 12:03 AM
31 Comments:
Has anyone checked the skim?
It’s hard as a stand alone casino. It’s not just a stand alone casino but a temporary casino. Once a hotel and event auditorium gets built I can see then numbers going up. I wanna see it when it’s built but I don’t really care about going to the temp one. Not many do. Just get the main building built.
Everything is on the up and up
https://m.youtube.com/watch?v=ZN6mp2NjMhs&pp=ygUVY2FzaW5vIHNraW1taW5nIHNjZW5l
Just wait until the Recession hits.
"Quite frankly, we wonder if the casino will ever end up being completed."
The state & city dicked around too long on this. Now that the economy is in shambles because Bidenomics is in full-swing, there are fewer discretionary dollars to blow on this stuff.
Most people expect to lose money at a casino. They go there for the fun & excitement. A lot of people don't have the extra cash to waste.
Nope, nothing to do with packs of savage jackals ready to rip you apart when you walk out with some cash... Or the $40 parking costs... tax on the tax, on the tax tax... Red light cameras, speed cameras... Not worth it at all.
The city lost out on the casino business decades ago. They're last to the show. Indiana and all the other casinos that opened up outside of chicago already have loyal customers with free parking. That leaves comventioeers and there aren't as many as there were 20 years ago. So we're left with the dregs of society hanging around the casuno more or less looking for "opportunities" to profit, ie robbing and scamming people.
When I'm in Chicago I'm trying to avoid the riff raff, no need to head into the middle of them. That said, I think my total spend in Chicago this calendar years is maybe $80.00 for a few pizzas...
Just like how they create jobs by pilfering from other nearby areas. The gambling dollars will teach the same lesson. I'll bet toothpicks to donuts that there was a revenue drop at other emporiums.
This BS will wind up being sold just like the lottery.
Assholes.
Not surprised. I’m sure winters will be bad and summertime will be better. In the end the city will be shot.
Or getting robbed when you leave happens often 3 rivers in des plaines hard rock in Gary come to mind
But, did skim stay the same?
Like pretty much every government project, after all of the cronies are paid, actual costs are exponentially higher and actual revenues fall drastically short.
monopoly money
Are the city officials skimming cash off the top?
By now, most local gambling aficionados have visited Bally's at least once, didn't like to commute to downtown, didn't like the expensive parking, didn't like the scary walk between casino and garage, and have decided to continue to patronize Rivers, or Michigan City, or god forbid, dumpy Aurora casino.
Expect one flashy robbery at Bally's, probably yet this year, and Bally's will quickly exit Chicago altogether, tail between its legs. New Chicago/Halsted casino project is not likely to proceed; Lightfoot taint aside, financials don't work, site too difficult, strong client-base unlikely to ever materialize, and Chicago as a tourist destination will be destroyed upon Democratic Convention mayhem next summer.
Once upon a time casinos were hard to find outside Vegas. 15 casinos in Illinois. How many are there across the border in Wisconsin and Indiana. These places are cannibalizing themselves. I would expect all their revenues to drop, especially if there is a recession.
I suspect the temp casino is a test. Bally is just testing out gambling in Chicago to see if there is future profitability in it before sinking in a lot of money. Remember their first duty is to the shareholders not the pension recipients.
of course its going to be down from the first month
when its new and people are curious
Detroit and New Orleans built casinos that never lived up to expectations. They have been marginally profitable at best. Lightfoot screwed the taxpayers by not placing the temp casino at McCormick Place Lakeside which has Arie Crown for shows, banquet facilities with plenty of restrooms and electrical hookups and underground parking. It also is underused for conventions. It was a no brainer, but was already city owned and would not have given a sweetheart contract to a democrat investor group. There is also an extension clause in the Medina contract should there be construction delays on the new casino. Surprised?
The City got into the game thirty years too late.
Has anyone checked the skim?
11/13/2023 12:05:00 AM
Sure.
The skimmers keep precise track of it.
We wrote a while back about City budgets being predicated on total fantasy numbers...."projections."
And with Potato Head we have all lost on our Mutual Funds. Add more Environmental, Social, and Governance (ESG) into the mix for more havoc!
Inform Mayor Nitwit that Nobody in their right mind will visit that casino or this city and spend one penny with the non-stop, unpunished teen mayhem, carjackings, robberies, smash and grabs, Red Line robberies and dirty downtown hotels filled with illegals that are close to that Temple. We know that it takes awhile for logic to set in. We also know that he has a certain type of wife and kids that live on the west side that he spends a majority of his time on when he should be working.
The location is garbage they need to build this. Why not use the old McCormick place make it safe the area what do you think Larry if it was safer you think more people would come how about you Brandon any comment?
I'm 77 and born in Chicago. As a kid, we were fed propaganda about the "evils" of the "numbers racket" then run by the Mafia.
Then suddenly everything changed. It was no longer evil, because it would only be used to benefit school children. You're not against school children, are you?
So where is the money going now, hmm?
Chicago - the best town that money can buy - Chicago.
OT: Oh no, she owes about $1500 in back taxes... should pay more but the County Auditor can't get her for that.
How long until we see the local States Attorney charge her with FRAUD and go after her? It's OK to do that to Trump right? He didn't do anything fraudulent, and they charged him... so this oughta be a slam dunk - scheister has been scamming since 2004.
Should be criminally prosecuted, fined the amount she stole + 3x more as a penalty, AND put into jail for 10 years. Revoke her teaching license too.
https://www.illinoispolicy.org/stacy-davis-gates-loses-undeserved-property-tax-break-owes-indiana-1533/#new_tab
(yeah, a guy can dream...)
Casinos and lotto were hot in the 1980s . Daley vs the eyetalians vs Springfield fought over the grift for decades . By the time we got a casino the thrill was gone . Any old timers remember Chicago was the last city in the country to get cable tv as the divvied up the city into differing zones and shook the companies down . Took years to get cable when every one horse town in Illinois had it for decades . Chicago is hopelessly corrupt and its voters are criminally stupid . I’m not a gamboler but if I was I would gambole online , buy a bottle , put the old lady in a short skirt and have her comp me dranks all night . Chicago used to be a cutting edge town in the 50s,60s, and 70s we had many firsts and number one in many fields before Richard the lesser started the downfall . Now we are Detroit in the 90s with the inbred imbeciles those people have elected
The city screwed the pooch again. If you read the casino law it works just like the lottery with the schools. As an example, and these are numbers I am using solely as an example. Let's say the city's actuarial required pension contribution is $100,000,000. The casino profit given to the city for the pensions is 10,000,000. The city doesn't add 10 Mil to the 100 Mil. They take 90 Mil of tax money, add the 10 Mil casino money and meet their 100 Mil obligation. All this does is give the city addition money to piss away on needless BS.
The reason numbers are falling is because this temporary casino is incredibly "meh". Literally nothing makes it interesting besides the location, and that's not enough to draw repeat trips. See how the real one goes.
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