Another Credit Downgrade
We're pretty sure the Pension Fund is never going to see a dime from the casino:
Bally’s has received another credit downgrade from a key Wall Street ratings agency, dealing the latest tough card to the corporation behind Chicago’s casino.
Fitch Ratings cited “execution risk in the development of the Chicago projects” along with high debt and other issues for the Rhode Island-based gaming company while lowering their rating from B to B- in a decision announced Friday. Fitch analysts say Bally’s “should have sufficient funding to complete” their $1.7 billion permanent casino at 777 W. Chicago Ave., which is supposed to open in September 2026.
But potentially lowering Bally’s odds of maxing out their River West jackpot are “a saturated Chicago gaming market, the higher-than-average gaming tax rate, and the typical ramp-up of a new casino development,” according to Fitch, which downgraded the company last year, too. All three major Wall Street ratings agencies have dinged Bally’s since it landed the Chicago casino license in 2022. Lower credit ratings make it more expensive for companies to borrow money.
And just to make it even more painful:
- But it hasn’t come close to revenue projections set by the city. With new competition from a freshly opened south suburban casino, Bally’s made less than $8.8 million at Medinah in February, its worst monthly showing in more than a year, according to Illinois Gaming Board records.
The city "spent" those "projections" last year, meaning the shortfalls will have to be made up somewhere else....like tax hikes, fee and fine increases, hiring freezes, cuts to services.
Not from the CPS/CTU though. Gotta keep those empty schools open!
Labels: money questions, pension
posted by SCC at 12:01 AM
23 Comments:
Chigetto is a shit place what would you expect?
High calorie gov. Fat ass 2026 budget is already $737 milli9n short.
If the Tesla takedown becomes effected what till ya see the revenues fall for Illinois do to job loss, pension,Iraq, 401k losses, sales tax loss etc...
https://cgfa.ilga.gov/Upload/03042025RevEstEconForecast.pdf
Fat assessment budget in trouble
There goes our pension money promise by several Mayors. They kicked the can down the road and promised to use casino money to fund the pension. The casino is a failure because the Democrat’s politicians are involved.
Democrat budgetary magic, promise everything, lie about results, blame someone else!
More speed cameras on the south and west sides should help
Master plan is facial recognition at the casino door. If the computer says you got money you are allowed entrance. If the computer says your a bust out or cheap skate you are denied entry.
I betcha the corrupt city council things can’t wait to gain control over the Casino and its profits.
The new casino will be scalped by the South Suburban one.
Now, kees me you fool!!!!
Only in Chicago you have to pay to Park to go to the casino. Minimum 50.00
There are over 48,000 VGTs (video gaming terminals)located in taverns, restaurants and truck stops with none of them located in chicago. There are 16 casinos in Illinois each allowed 900 gaming positions 1200 if located in cook county. The politicians have saturated the market with VGTs to the point that casino revenues continue to drop every month. Don’t bet on a chicago casino to save the pension plan, after all when was the last time you saw a revenue projection made by an Illinois politician come true.
And the brain-washed liberals continue to support and vote for the decimation of our city, state and country. Truly sad how many blind fools there are in this city and on the job. You would think being a cop and getting to see behind the curtain would open their eyes.
That’s the TICKET !
If Chicago had seized the opportunity when it presented itself and allowed a fair contract to have a casino, there would be a successful casino in Chicago right now. They dicked around and denied any possibility until it was too late to realize it's full potential.
A nice casino in a decent neighborhood with a few hotels around it would have brought untold amounts of money into city coffers.
But they didcked around and played the "Chicago way" with investors and squandered a valuable opportunity.
Hard Rock Casino in Gary, Indiana, which made the most money of all of Indiana casinos and getting ready to build a hotel tower off Interstate 80 at exit 6, is a much better place than anything in Chicago!
What does that say about the future of the Bally's Chicago Casino?
It's all about the money and numbers and Chicago and Illinois just do NOT have it together as usual!
Casino money is not guaranteed money. It will be a lot less than the estimates which are used for budgeting
as a lurker from cornfield hell, or the good part of ILL, if the city had allowed gaming machined in bars when they were first authorized, you would not have a pension problem. Many municipal governments here are enjoying great revenue streams from them.
The casino should have been put at the Lakeside Center of McCormack Place. Minimum investment, maximum return. Restaurant and restroom facilities, Arie Crown Theater, parking, all there waiting. The people running city government are quite simply…..Dumb.
Profits? Seriously?
"Dreamer, you know you are a dreamer
Well can you put your hands in your head, oh no!
I said dreamer, you're nothing but a dreamer."
- SuperTramp
Chicago is about 20yrs late to the casino game. All suburban bars have video gaming and there are better casinos not too far away. Why go to one in the city?
This will get built but much smaller version by the guy who owns rivers
EVERYTHING Shitcago touches goes to shit. These moron’s could fuck ip a 1 car parade.
if you DOGE Chicago i bet you would find plenty of fraud and waste
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