Prepare for Failure!
Chicago on track (again) to lose money on something everyone else manages to make a profit on:
- Deep inside a nearly 250+ page regulatory filing, the owner of Chicago’s still-unbuilt casino warns investors that crime could have a material impact on its operations here.
Bally’s Chicago filed the dense “registration statement” on December 27 as it prepared to sell $250 million in stock and included the warning that “business interruptions in Chicago due to crime or civil unrest could adversely affect us.” It was among dozens of downside risks itemized in the filing.
“Our business and our assets are planned to be primarily located in Chicago, Illinois, a city which has recently experienced very high levels of criminality and civil unrest,” Bally’s said on page 54 of its filing. The company stated that “heightened criminality or the perception of danger among our customers” could impact the Chicago property’s bottom line.
Another round of civil unrest could be a real problem, the company said, because “we currently do not have business interruption insurance in place.” Even “if and when” the company gets such insurance, the policy may not cover its losses.
You can bet that the "investors" will all get paid long before a single dime goes to the pension funds this entire enterprise was supposed to shore up.
Labels: money questions, un-fucking-believable
posted by SCC at 12:05 AM
68 Comments:
(Insert "fuck up a one-car funeral" reference here)
The Chicago way...
Looks like there won’t be a lot of new investors with those conditions. Again Chicago cuts its own financial throats by shackling a company with stipulations that constrain the flow of capital that the company desperately needs.
From the Chicago Sun-Times article, Mitchell Armentrout | Dec 30, 2024 3:42 PM
“ Bally’s on Monday announced its proposed terms for offering a collective 25% equity stake in its permanent River West casino, limited to prospective investors who are women or people of color, as required under the company’s host community agreement with the city.”
City is mismanaged and voters are to blame.
Chicago is the toilet in the middle of America.
My risk assessment meter pointed to HARD PASS and the little red warning light flashed until it exploded!
I gotta an Idea says...
Ok...Lil Richie mumbles sold the skyway, parking spaces...Right...
Let's sell the streets, the water, the air....and take that $100 and Ready..
Start an oversite commission to find the cause of climate change...well?
This way the money stays in the city...get it, stays in the city.
Thirty+ years too late and a gloomy outlook for the future. No thanks. shanks intentionally missed the boat, pun intended, regarding a Chicago casino. Then he harnesses us with the abismal seventy-five year parking meter deal. What a guy!?
wow! So the gambling emporium is getting the parking meter treatment?
Fuck you pay me.
All these casinos are filed with city savages. Even Rivers casino, the nicest casino in the state has them hanging around. They use the blue line and the free shuttle to make it their home away from home. If only the crime stats were made public.
On the topic of managers making money while the City of Chicago is in the dumpster financially and residents are fleeced for all kinds of taxes. Those 4 staffers in Ald. Nick Sposato ONLY were given HUGE bonuses not gigantic raises.
Sposato doled out 3-$20,000 bonuses to his aldermanic staffers and 1-$19,166 bonus to another staffer in December, 2024.
https://x.com/ChicagoContrar1/status/1876402941709668519?t=bsz28dQTRBE7-Wu-nVsAJQ&s=19
These bonuses totaling $79,116 were in addition to all 4 Sposato staffers making between $70,,000-$×10,000+ in 2024.
Jolly Old St. Nick is the Alderman in the 38th Ward, at least to his 4 Soup Naxi staffers.
How long has Tricky Nicky Sposato and other alders been meting out these bonuses to their staff at the end of the year?
OT:
Looks like Granny Clampett collected almost 3 MILLION in TAX DOLLARS since 2016.
Not bad for someone who probably never made a felony arrest.
https://openthebooks.substack.com/p/new-orleans-police-superintendent?publication_id=775254&utm_campaign=email-post-title&r=2gmhbc&utm_medium=email
Lucky for me, I’ve been prepared since the original announcement.
I'm not the gambling type, but if I was, you couldn't pay me to go into Chicago to visit a casino there. I no longer live in Chicagoland, and if I ever come back to visit friends in the area, I intend to stick to the burbs and avoid the city entirely.
The reality of doing business in a Democrat run city and state.
Thanks to people like our mayor and governor and everything they stand for!
It’s a horrible location.
1.The bike lanes have ruined Halsted and Chicago.
2. Cabrini Green is literally still there.
3. Sports betting has already turned everyone’s phones into casino’s.
4. Chicago masses are fat and tattooed up. High rollers like their ladies trim and without blemishes (think Melania).
5. I could go on and on, but the requirement for the overtime needs to be “able to scale 6 foot wall” to work.
America
for one,,,,, Chicago is many years too late getting a casino,,,,,
Can anyone honestly and intelligently explain why video gambling machines are not allowed (legalized) in Chicago? While city pols scramble to find financing for their pork-filled budgets a golden opportunity to rake in millions (pardon the pun) is ignored - why? Even NOLA, a legendarily corrupt city, has had legal & licensed video gambling since the early 90's.
Pandering to criminals have consequences .
Civil unrest? Demonizing youths?
Crime is down
are they referring to the black looters/smash & grabbers? the ones who can't afford a Florida vacation that Lori Lightfoot apologized for?
What reputable intelligent and enterprising business entrepreneur in their right mind would start a business in Chicago, even a predatory, useless, cash dump shithole casino?
Gaming machines should be in every bar,restaurant in Chicago . That would solve pension shortages and help Chicago build a cash surplus. Casino downtown is for tourists,not locals. Locals go to Indiana,Homewood or Joliet. Matt OShea , put it up for a vote, gaming. Machines allowed in all small businesses,airports,convention centers,stadiums.
Once this dump is built, there will be more lift assists for the CFD. Cause the old fat lazy scums in South Shore and Woodlawn will need lift assists to get their Granny or Auntie down the stairs to go to the casino at 10pm, stating they are going to the doctor. And when they return, drunk as fuck at 3am, CFD will have to bring that scum back up the stairs. This all occurs when the Illinois Gift Card is replenished and they sell off their cards to the local cell phone owner for half the price, just for cash! OH MY the CFD CANNOT WAIT FOR THIS TO BE BUILT!!!
Here is the real reason.
Establishments – 32.57435%
Operator – 32.57435%
State – 34%
Municipality – 5%
SciGames – 0.8513%
The city would only get 5% of the take and they are greedy and it's not enough so the rise of the "sweepstakes games" complete with kickbacks to local politicans
Yo! 11
More Garbage
Place the 6 n 8 on this one
She still looks like she cut her own bangs with a tin snips.
They call them contingencies which means they will get paid but maybe others won't. I'm sure the revenue projections are way to high just like in conehead's budget.
I see a scam. Casinos are one huge scam- "the house always wins".
The casino added this language in their contract so if they lose money, who will they blame? Their own mismanagement? Or " crime in Chicago".
If Bally's is dumb enough to locate a casino in the crime capital of the country, the investors deserve to get paid before any money goes to the city. The investors are the ones taking all the risk, with hard dollars.
Retired, escaped to Texas...visited family in Chicago recently and it occurred to me...WHEN HAS ANY ILLINOIS POLITICIAN DONE ANYTHING GOOD FOR ILLINOIS TAXPAYER? I bet no one can come up with ONE FUCKING THING. NOT ONE. In case anyone is wondering about Texas, here goes: Greg Abbot capped rising property taxes rising in my area due to property values going up since I moved here. Abbot is about to pass school vouchers since he ousted teacher union stooges who opposed this. And at the very least..HE SHIPPED BIDENS ILLEGALS TO DEMOCRAT CITIES SO I DON'T HAVE TO PAY TO FEED THEM. The result of shipping them also helped get Trump reelected..so he helped you also!
This is easy to handle, as I've seen it many times with other government investment requirements. The company with money starts up a small Limited Liability Corporation (LLC) and then puts a woman or POC at the head, paying them a set salary and perhaps a small percentage. But it's the large company that is putting up the money and getting the vast majority of the profits.
she was/is a DEI instructor for the FBI
bike lanes / bus lanes have created more congestion and less safety for all
LOL...this post is labeled as un-Fing-believable but it is 100% par for the course. The only difference between Daley and the current moron is that Daley would have let a mini crime wave (say 6 to 10 months) hit the city before this offering so as to scare away normal investors...his family and cronies would then roll in as investors. And just like that the city would be buttoned up tighter than a nun's corset. Daley gets to play the hero sick of the lawlessness, family and cronies get paid and casino gets rolling. Johnson is a "social justice true believer" whose bread is buttered by CTU. Corruption chess vs corruption checkers.....
While oak lawn, Evergreen park, merrinette park and all the other suburbs are making coin!
Crime Ken Griffith multibillionaire gave millions to city to fight crime but city did nothing so he moved taking billions in investment to Florida, we are losing major companies thanks to this total ignorance! Brandon best for city if you resign immediately!!
Didn't they hear? "Crime is down."
"I could go on and on, but the requirement for the overtime needs to be “able to scale 6 foot wall” to work."
WOW!
That could be video gold! Would have been a fun segment to the old "COPS" TV show...
Bad boys, bad boys
Whatcha gonna do?
Whatcha gonna do when they come for you?
Don't forget that any casino development will require millions in "fees" for "consultants" and law firms associated hack Chicago and Illinois politicians.
We have a commission for transgender prostitutes to find out why 1 in 4 years got kilt. Maybe we can have one for accepted city violence and figure out who is behind this violence. I'm saying white supremist.
And now the nobals will want arrests I say fuckem
Belongs in the unbelievable section of SSC.
Let’s hope it doesn’t. A portion is suppose to be used for our pensions. Yea, I know it can change. But right now that’s what a portion is for.
Bally's must've heard about the last CPD involved shooting and the family is starting with the "28 shots" rhetoric already, and are expecting civil unrest to come right behind it.
Simple....just move the gaming floors into that empty-shell.of a Presidential Mosoleum in South Shore. They've already made the necessary improvements to the traffic patterns. De-couple the Tax-Payer Funded Chicago Public Library Branch, add a secured parking facility for gamers, and replace "O'bummer" with "Bally's"!
OFF TOPIC - more sex for overtime (and promotion) scandal reported in NYC. https://www.youtube.com/watch?v=dd3kvVmHDOo
This city is morally bankrupt. This city is beyond rescue because of generational welfare, voter fraud, and illiteracy of the citizens, in general. We now have an uncivilized class of citizens in charge and pulling all the levers of government, who cannot even balance their own checkbooks or manage their personal affairs. The most obvious examples are Branden Johnson and Tiffany Henyard.
I went to the new casino in east hazel crest (I-80/Halsted St) on the 2nd day it was opened last month, just to check it out. I thought I stepped off the train at the "Kensington Avenue Station" in Philadelphia. Okay, slight exaggeration.
However, the majority of the clientele look like they were there gambling their public aid checks, and "babies diaper $$$." The place was dirty as hell, the rugs looked unvacuumed. After an hour, I had witnessed enough. As I was leaving, I'm in the elevator going to the parking garage, and there were not just fingerprints on the chrome and mirrors in the elevators, but huge smudges and even footprints on the walls, along with the etching of hieroglyphics on the surfaces usually reserved for the "World Dryer Corporation" hand dryers in public restrooms! No shit! The Casino wasn't even opened 48 hours!!!
The Casino's will fail to live up to the hype. Every strip mall, mini mart, and fast-food joint has gaming. Every opposite corner has a pot dispensary. Chicago is now like the Soviet Union in 1980s-1991, just ply them with subsidized vodka so they are Complient subjects!!!!!!
When all these efforts fail to provide the desired resulting revenue projections, they will just begin confiscating private property, and increasing property and other taxes until nothing is left to steal!
No problem, if crime happens around the casino Conehead can simply raise taxes to invest more money in the com-mun-i-TAY.
Bingo! Unless you are an extreme low life, a simple liberal (most), or a brain dead suburbanite, this is the last place on earth you would want to visit.
A Vegas Website says that the Chicago casino will have to make over a million dollars a day to pay taxes, payroll, and interest on money borrowed to build the casino. That’s just part of it. The casino that is open now is underperforming expectations. The state is glutted with casinos. There is video gambling in many of the towns in Chicago. It’s not going to work,
She must be spending all that money on the 43 cats she has.
She sure ain't spending money on any make-up.
Is very hard to reduce crime when you handcuff the police and not the criminals.
All that means is the DemonRat pols will give their wife and/or girlfriend money so they can buy the stock at the initial offering...and then sell it off a few days later. Just about guarantee that, after 1 year, the female/POC stake will be <5%.
Ed Burke hasn't approved it yet...
I was ripped off for 800 dollars at the Horseshit carsino in Hammond. All on camera but carsino peeps said nothing the can do. Shit birds standing around not playing and watching for lucky winners. On cell phones talking to other shit birds in carsino or parking lot telling who won. Then boom. Nothing casino can do? How bout kicking them off premises. Oh dat raciss. Shit birds there for one reason. Chicago will be much much worse!!!
Everybody getting their shorts in a knot. Who cares what happens with the casino. We were duped with the idea of it funding our pensions. Here is how it works. Whatever the casino makes will be put into the amount paid to our pension funds. Dollar for dollar, whatever the casino generates will be the same dollar amount less that will come out of the general fund. As an example: If the city's required actuarial required amount for a given year is $100 million and the casino turns over $10 million, the city will only have to put in $90 million. Everyone was led to believe that the money generated by the casino would be over and above the city's required actuarial amount. Not so. It just replaces what the city has to contribute.
Isn’t the Horshit casino in Hammond where disgraced former CPD Sgt. Lori Copper got all intoxicated and punched out casino bosses and Hammond PD. What a sweetheart. How would you guys like to be married to that idiot. Sorry guys. She was LSBGTXYZ. Did that thang ever do jail time?
Did they at least comp you a ticket for the buffet?
Did any of you actually think the casino was or is going to work as planned?? A bill of bullshit was sold to the media on how wonderful and creative these thieves are to "save the pension funds". First off, it would take about 5 years to possibly break even, not paying off the loans to build it, but after "donations" to the Wo-Tan-Clan" for their thoughtfulness, union handouts and other hand to hand deposits. If I remember correctly only the first 5 years of profits ($0) were going to be used for the pensions. So, nothing there. Follow the money. Nothing happens in this city for its citizens or workers unless the Pols get theirs. Of course, this was never a solution to anything other than "donations". And we were told the Outfit was evil. Side by side comparison, I call it even.
Speaking from the inside, it ain’t never going to be built. Your pensions are screwed.
The casino is 35 years too late.
Chicago, where hopes, dreams, and investments go to die.
Unless you buy Chicago infrastructure.
A demographic of, I wants free everything. The man dun holt me down.
Put slots in all Board of Ed facilities.
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