"Serious Harm"
A little noticed and serious implication to the Chicago budget:
Chicago Mayor Brandon Johnson’s decision Tuesday to allow the 2026 budget created by the city council to take effect Jan. 1 — he will neither veto the ordinance nor sign it, which has the same effect as signing it — leaves Bally’s with some decisions to make regarding its $2 billion casino currently under construction in River West.
The $16.6 billion “alternative” budget includes the potential to legalize video gaming terminals (VGTs), which are the biggest source of gaming tax revenue in Illinois by a wide margin. They are currently banned in Chicago via city ordinance, though an ordinance to legalize them passed out of the city council’s Committee on License and Consumer Protection in September.
Conehead whines and cries about the aldermanic budget "overestimating" revenues, but Bally's has NEVER hit its targeted revenues for Chicago - most of which were to be directed to Police nad Fire pensions. But that didn't stop the City from spending the "projected revenues" and driving massive deficits.
Now, Bally's is warning about Virtual Gaming Terminals cutting into their projected revenue streams, the promised 3,000 jobs being cut by a third, and throwing the entire future of the physical casino into serious doubt.
Chicago and Conehead are going to go down in history as the only entities that could LOSE money on a casino.
Labels: money questions
posted by SCC at 12:01 AM
41 Comments:
Video gaming isnt legal in chicago? They have the machines in every bar and gas station city wide! Been playing and winning for years now.
I have NO doubt that this moron and his fellow travelers could also lose money running a whorehouse!
Who the hell loses money on a CASINO??
Apparently, Conehead and his cohort! What a stupid bastard!
It just doesn't get any more stupid than this. And to think I used to live in Baltimore, the very (former) home of stupidity!!! Man, am I glad to have landed in WI!
That casino will never leave Medina Temple.
Merry Christmas ya filthy animals.
This is very bad. We need a Chicago born mayor with upper crust education and morals. This BLM Elgin transplant to the Westside that is a water bill deadbeat is not working.
Detroit, here we come!
The only way to get rid of debt is to pay it with interest or erase the debt of illegal aliens by sending them back to their own countries while erasing a continuing debt of over a billion dollars a year by caring for them.
when 'the house' is run by degenerate spendthrifts and criminals, it'll lose money...
Bally's has to kick up to 'the house of chiraq' so yeah, here we are...
Willing the bet on he”lost” money winds up in the connected pockets.
I'm willing to bet that all the gambling revenue never equals what they promised
I vehemently opposed the casino deal as a scam when I was on the CPLA board, but the other police/fire union people thought it was Valhalla.
Detroit makes money on their casino.
Chicago is at least 20 years too late on entering the Casino game. The torn-up worksite at the old Tribune publishing location (Halsted & Chicago Ave) will be our next "Block 57" - Bally's will never leave the Medina Temple, this deal is dead in the water.
Good luck with your pensions!
Why aren’t there slot machines at the busiest airport in the world with THE most delays? It makes no sense and wouldn’t affect Ballys or Chicago residents except positively.
So, what do we have here?:
Cook county government, 17? Commiesars via 17? 'Districts' rule by simple majority, aka 9 out of 17, agreeing to dun the population of said county, for the usual, traditional purposes.
Theoretically versus City government, via 50 ward aldershmucks + mayor mutthead, also a theoretical adversary A versus B dynamic.
Historically, a blended concockshun of spicy, sweaty meatballs in a stew of festering fart beans.
With the only traditional conflicts being hog shares of always bubbling trough slop.
And the fundings of said squabblings by the dwindling legions of taxpayers.
Bubble, bubble, toils and troubles, the witch's brew cannot compare.
Our lovely governments.
You seem to forget that the guy currently in the Oval Office managed to bankrupt three casinos!
Midas had the golden touch. Conehead is like Medusa, anything that looks at hi m turns to stone.
You aren't kidding. Every single gas station and bar has them. And they pay out in cash. If video gaming gets legalized in Chicago who is gonna write ANOV's for all the illegal spots if VICE gets disbanded and Homan gets shut down. They will have to shift focus from unstamped cigarettes to video gaming. They might need to upgrade their take home cars and work phones too.
The biggest blunder is the location of the casino. Getting to it is a pain on eith Halsted or Chicago Ave.
Retired guy living in a small semi rural Illinois town. Every bar, restaurant has video gaming plus stand alone locations, 26 locations in all. Almost $30 million pushed thru those machines this year. The local family friendly bar & grill we visit has made almost $250K from the proceeds yet, supposedly, video gaming terminals are not in Chicago. The amount of money the city would get as their end would be huge. You can check the proceeds every licensed video gaming location in the state by checking the Illinois Gaming Board website. The numbers statewide are stsggering.
The asshole democRats spent the money on Illegals
Skip the upper crust education. Most of those folks are dumber than him. Agree with everything else. He’s a typical commie plant. Dumber than a full quarry, doesn’t know anything about Chicago, and never really worked a day in his life.
Chicago and many other insolvent big blue cities are counting on President Newsome (or some other corrupt commie) to bail them out when he takes office in 2029. The GOP will go along with it as they always have.
I thought Lori Lightfoot was the most incompetent mayor in Chicago’s history , but I was proven wrong by Brandon Johnson. He is really dumb.
If you haven't already read it, this article by finance/tech writer (and Chicago native) Patrick McKenzie is a must. He explores the carve-out to sell 25% of stock in the Chicago Casino exclusively to women and Minority investors. Besides Bally's valuing this imaginary casino at $1Billion (the market value of their 14 other properties is only $50M each), and the Minority carveout being blatently racist, their plan (endorsed by the Black Aldermanic Caucus and the City Comptroller) is to sell $25,000 "shares" to minorities for as little as $250 down, with the rest as a "loan" from a special Bally's holding company, a loan at ... 11% interest compounded quarterly. In othe words, predatory lending.
https://www.bitsaboutmoney.com/archive/chicago-casino-investment-offering/
In a Socialist world its not about creating profit, the state will provide every thing.
The Alderman also voted to make the full pension payment, which retard Johnson s budget called for making a partial payment. Clown.
Hey BJ bring back the brothels. Hoe Hoe Hoe
JB Fatso should play there if you can drag him away from the food buffet.
John P. Hein will be running security there
Keep voting for Democrats! The come on here and bitch about them!
Probably a good prediction.
Tik-T oc Brandon
It should be apparent to all now that democrats are trying to drive the bus over the cliff in multiple blue cities and states on purpose. It is a wonder they win any elected office. But Joe Biden did say the democrats have the most extensive and inclusive vote fraud organization in the history of American politics, so that may explain why they are still surviving as a party.
Off-topic, but when a drunk driver kills someone, do the lefties and politicians talk about banning cars, Or alcohol? When someone is stabbed to death, do they talk about banning knives? When someone pours gas on another on public transportation and sets them on fire, do they talk about banning gasoline, flammable liquids, or lighters?
Then why do they cry when firearms are the tool of choice for the mentally unhinged and socially irresponsible? It's about tyranny.
Stop the entitlements and programs for the eternal victims. Known as taxpayer bribes for votes. We would be in the black instantly.
Put it in the airports!
https://patch.com/illinois/tinleypark/former-cpd-deputy-chief-appointed-tinley-park-police-commander-following
“ Addressing the Village Board, Melean said he's honored to be selected for the role with the Tinley Park Department after a long and fulfilling career with the Chicago Police Department.
Melean then refuted prior news reports that he had retired from the department as he faced demotion. A previous report from the Chicago Sun-Times said that Melean had allegedly failed to respond to the scene of a fatal crash involving an off-duty cop after a work holiday party in December 2023.
Melean on Tuesday said that report was based on "inaccurate information, unfounded assumptions attributed to anonymous sources." He asserted he was never accused of any wrongdoing, and that he left the department in good standing.
"I welcome any review of my disciplinary history and state unequivocally that these claims are without basis," Melean said. "I look forward to working alongside the determined men and women of the Tinley Park Police Department."
Here's your cookie Brandon.
Upper crust meaning not cps and no tuition reduction. Family paying their way full fare not asking for a handout.
There’s only so much money out there for gambling. That’s why they never reach the projection or target
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