Conehead Doesn't Want Money?
The $16.6 billion budget approved by a City Council majority last December lifted the ban on video gambling in Chicago, but Mayor Brandon Johnson has yet to pursue licensing approval from the Illinois Gaming Board.
Convinced that Johnson is buying time in order to pursue a repeal of the Council’s lifting of the ban, Ald. Anthony Beale (9th) is taking matters into his own hands.
Beale is sending a letter Wednesday to the Illinois Gaming Board meant to serve as official notification that City Hall has lifted the video gambling ban, and that acceptance of license applications for video gambling can begin. The letter is co-signed by at least 15 other Council members, and is accompanied by a certified copy of the revenue ordinance that counts on collecting $6.8 million this year by licensing newly legalized video gambling terminals at bars, restaurants, theaters and bowling alleys across the city.
And why isn't the broke-ass Conehead allowing licensing to proceed?
Bally’s has warned that lifting the Chicago ban on video gambling terminals would cost the city $74 million in annual revenue and as many as 1,050 jobs at its temporary and permanent casinos.
That’s because it would force the Johnson administration to renegotiate “critical elements” of its host agreement with Bally’s, and wipe out a yearly $4 million lump-sum payment from the company and shrink the jackpot needed to save police and fire pension funds.
Correct us if we're wrong, but Bally's hasn't hit a single one of their revenue "projections" at their temporary casino yet. And they're over a year behind in building the actual casino (which is probably twenty years behind what should have been decades of revenue).
And we're pretty sure that the video gambling going on at Bally's won't be in conflict with the video gaming going on at bars, (most) restaurants, theaters or bowling alleys. Ballys' is catering to the tourist and convention people - most of those other locations are in the neighborhoods where tourists aren't.
We don't like relying solely on gambling to fund the pensions, but it's a revenue stream to be exploited.
Exploit it already.
Labels: money questions
posted by SCC at 12:05 AM
13 Comments:
Now the thiefs will have a choice between stealing ATM's and poker machines.
Another shit-show in progress.
Video gaming banned in Cnicago has cost the city hundreds of millions of dollars in revenue. Just as an example here are some statistics from a small northwestern suburb, Gilberts, Illinois.. The tollway, I-90, runs thru it near the Elgin area. Why Gilberts, just a random pick of a small community in the area. There are only 8 video gaming locations with a total of 52 video gaming machines. In 2025, $46 million was wagered thru those machines, $41 million paid out. The State of Illinois collected $1.3 in taxes and the small village of Gilberts got $210K. The rest of the profits are split by the machine owners and businesses. One can only imagine the income when every bar, restaurant, stand alone locations, the airports, in Chicago had video gaming. The casino boat has sailed and for years the city has missed out on a steady stream of income from video gaming. The numbers are available by checking the gaming commission website and the statewide numbers are stunning. Go to the local bar, visit with the regulars,,have an adult beverage or two, play the favorite machines. No trip to the casino. Almost every small town, village, city has been reaping the benefits of the gambling itch for years. Time for the big city to ride the money train.
Gambling and weed funds will save the police pension how ironic is that
Every bar and restaurant in the city is going to have gaming machines. Burglaries are going to skyrocket.
That gambling ship has sailed.
Now, kees me you fool!!!!
No faith!
ALL City of Chicago pension funds should be 100% invested in City of Chicago debt.
Why pay the Wall St Masters of the Universe types for all the wheeling and dealing?
If the City had taken the bait on the Bally’s planned $250 million IPO with discounts for women and minorities, the money would be pouring in.
Ye of little faith.
Noting that the Chicago casino is 20 years too late is 100%. This is what happens when too many people need to wet their beak...nothing happens and all the surrounding areas get casinos and saturate the market. Similar thing may happen with the Bears as Indiana smells political blood in the water. JB the Hut can't allow himself to be seen as giving a tax break to the billionaire Bears owners (regardless of the reality) as it would be used against him in a national primary. So while they try to figure out a way to spin it Indiana should make the Bears an offer they can't refuse. Just another L for Illinois.
Has anyone noticed? Iowa is now making noise about taking on IL's northwest territory along with Indiana's jockeying for the east side. All we need now is for Kentucky and Missouri to divvy up the rest. The gubbenor may wake-up some morning without a state - left only with Chicago and it's Johnson.
Legalize prostitution and send the profits to the police pension.
It’s the right thing to do. 47th & Cicero alone could push the pension to 40% funded.
Can't any of these effing idiots at the Corp Counsel's Office Read a law????
The state law authorizes the City of Chicago to put video gaming at the airports until a PERMANENT CASINO is up and running. We've lost three years and $600 million dollars of revenue waiting.
30 years too late!!!
Except there are no more tourists or conventions in Chicago ..: auto show is a joke .. lost the boat and RV. show years ago and no one wants to come downtown and pay $75 to park for 1/2 a day and be surrounded by a bunch of purple and pink haired assholes that identify as f?@king cats or whatever other bullshit they think they are
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