Casino Problems?
That casino everyone was excited about? That was going to solve all of the pension issues?
Bally’s is reportedly considering a buyout offer that could soon turn the publicly traded company to privately owned, as the corporation faces funding concerns over its Chicago casino.
The Sun-Times reported Tuesday that Bally’s has formed a special committee to evaluate a bid from Standard General, a New York hedge fund, to buy out shareholders.
[...]
Last week, the reports say, Bally’s CFO Marcus Glover told the Nevada Gaming Control Board that the company needs to bridge an $800 million funding gap to cover $1.1 billion in costs still remaining to build the permanent Bally’s Chicago Casino at the Tribune Freedom Center site.
While Glover said Bally’s “has a source” to solve the funding gap, according to the Sun-Times, it has still not yet secured most of that financing with construction supposedly starting on the permanent casino site in just months.
We don't pretend to be financial geniuses. But when people who ARE financial geniuses start talking about "funding gap[s]" and "not yet secured...financing" then we start to wonder what the Hell is going on.
Chicago missed it's casino window two or three mayors when the investment "consortium" ended up being celebrities and connected politicians trying to get their beaks wet.
Labels: money questions
posted by SCC at 12:05 AM
33 Comments:
"Chicago missed it's casino window two or three mayors when the investment "consortium" ended up being celebrities and connected politicians trying to get their beaks wet."
This is 100% correct and sums this debacle up in a nutshell.
Just riding the el is enough of a gamble.
Well after all, Medina used to home to a Circus.
Who the Fk wants to go downtown to gamble? No free parking and you have ghetto dwellers making it their home most of the day.
....as long as someone gets paid,...it's the Chicago way.
Ooorrrrr maybe Ballys just wants out of Shitcago? Crime, not enough employees, a minimum wage that is un fing believable, too many hands out wanting a “zoning variance” that will be taken care of W/ an envelope? Or maybe NO ONE W/ .24% of their brains working wouldn’t go/leave the casino W/O an armed protection detail (that won’t happen) I think I read in this highly relevant & hard hitting blog ( no I don’t have a piece of SCC) that casino revenue & city payouts were far below the expected dollar amount. So as Shitcago continues to circle the bowl we can add another problem with Demoratic run shitties. The only place where even a casino cannot make money!!!!!
you mean since 1993 when Indiana at the Killinois border opened making millions off Killinois citizens... idiots
this was never going to be a destination casino.....at most it was going to fleece a tourist for a few hundred bucks while the spouse was shopping.
The "wheres mine" mindset of the politicians killed it.
A simple solution was to choose McCormick Place East. Would be too hard for all the graft, that a new billion dollar plus would present.
Slot machines in Board of Ed facilities.
Sports book in Board of Ed facilities.
Slot machines in the airports.
Slot machines and weed kiosks on CTA trains and platforms.
Legalize and tax whores.
Anyone looking for a piece of property that used to house a newspaper?
Now, kees me you fool!!!!
YOU NEED CUSTOMERS! People aren’t going there because of the crime.
Aren't the gambling machines way more lucrative than a casino these days???
Heard there is a Venezuelan consortium being funded by the city to open a 7-11 on the west side, also a nail salon in the works.
Mccormick Place East and Meigs Field would have worked if in place years ago. Sadly that ship sailed long ago.
Why does a casino need to be "funded" anyways? It has become all too common that business ventures are to be funded by other people's money. Sports stadiums come to mind here.
You would think that when the city granted their license that would be one of the considerations to be considered.
Just saying...
Day late and a dollar short. Should have been done 30 years ago, when Peoria opened ariver boat
What does 26th St. and Grand Ave have to say?
When they talk about 'taking Bally's private' do they mean the entire global casino megacorp, or just the wholly-owned subsidiary that was formed to run the casino in Warzone C?
Father Mike could make more money for Chicago raffling off turkeys than Bally’s will ever bring in.
Slots in every bar,restaurant,airports,hotels would be better than a casino.
Yeah, but I still like gambling, so I'm in. I just wish they'd get a sports book at the casino downtown.
New casino construction won't be happening. "Bally's" is merely a purchased name, fronting a newbie casino company with little practical operation nor development/construction experience. Lightfoot was totally snookered.
BJ would be smart to terminate agreement before more fiscal damage is done.
FBI should begin its investigation of original Bally's award before all the paperwork is shredded.
Chicago, where corruption runs deep, runs unfettered. Bally project goes belly-up just as Bears and Sox stadium deals begin cooking. History repeats itself.
Hard Rock Casino with hotel, convention area, restaurants etc in Rockford, Illinois scheduled, to open Labor Day weekend 2024. Easy on and off I 90/39. This location will probably take some business away from Elgin and Madison Wi casinos. The temporary location is doing quite well right now. The Hard Rock is located in a decent area on the far east side of the city of Rockford. This new casino is a latecomer as well since it was fought against for years by various groups but I believe it will do okay.
Anonymous Anonymous said...
A simple solution was to choose McCormick Place East. Would be too hard for all the graft, that a new billion dollar plus would present.
3/15/2024 06:36:00 AM
----
I guess what few conventions remain in Chicago were complaining that it would cause attendees to miss the trade shows in order to play the slots and, you know, the associations make money selling booth space to exhibitors who like lots of visitors passing by their booths.
Anonymous said...
A simple solution was to choose McCormick Place East. Would be too hard for all the graft, that a new billion dollar plus would present.
3/15/2024 06:36:00 AM
That is so true, why is that building not being used to put all the illegal criminals in that way at least on the east side of it they couldn’t go anywhere, but then again, they would have a place to take a bath. Maybe they would learn to clean themselves up, but they are criminals a bunch of animals that need to be shipped back immediately throw them on trains no problem criminals should be treated as criminals when they elected complain throw them on the trains. Also they need to get out of this country. All they’re doing is ruining everything that’s what democrats do.
Young Daley did more damage to the financial health of this city then most people realize. His arrogance and ego caused it all to go downhill.
Bust outs only have so much welfare money to spend.
Chicago missed it's casino window two or three mayors when the investment "consortium" ended up being celebrities and connected politicians trying to get their beaks wet.
Perhaps the CTU can buy and run the casino, that way they can skim and kick up to shit for brains brandon's re-election...
The 2022 Illinois gaming board report (the most current report available) shows 11 active casinos in the state with a total of 322 table games and 8,873 video gaming terminals in those casinos. The same report shows 45,008 video gaming terminals in non casino locations (restaurants, taverns and alike). Pritzker signed legislation on 6/28/2019 authorizing 6 new casinos, sports betting and video gaming terminals at race tracks and state fairs. Video gaming in restaurants, taverns and alike was the equivalent of opening 45 new casinos in the state. Casino revenues in Illinois have been on a steady decline, yet politicians continue to place their bets on a casino as the savior for their financial mismanagement. When you consider that Illinois bans smoking in casinos is it any wonder that Illinoisins trek over to Indiana to satisfy their addictive behavior. It will be difficult to find any financial backers for a new casino in Illinois.
This city isn't capable of running a pinball machine let alone putting together a casino deal. Any big deals that fall apart in this state and Chicago means someone didn't get their end and they put a stop to the deal. Nothing is legit in this town.
Only Chiraq could bankrupt a multi-billion corporation with their fat envelope bullshit...
So much for Pension Fund bail outs from the Casino. I knew it was to good to be true.
Post a Comment
<< Home