THE JOURNAL & TOPICS NEWSPAPERS | WEDNESDAY, SEPTEMBER 24, 2008
Casino Deadlines Approaching
By TODD WESSELL
Journal & Topics Editor
Monday, Oct. 14 and Tuesday, Oct. 15 loom as critical dates in the state's quest to finally resolve the awarding of Illinois' 10th casino license.
Applications to secure the 10th license must be submitted by the Oct. 14 deadline established by the Illinois Gaming Board. A day later, Oct. 15, the names of those perspective gaming owners, where they specifically plan to locate their operations, and how much upfront money they are willing to spend will become public during a regular meeting of the Gaming Board in downtown Chicago.
Gaming Board members last week were told that approximately 60 applications have been sent out to interested parties such as casino developers, members of the media and individuals and groups opposed to casino gaming. Perspective operators must submit detailed application information to the Gaming Board which will eventually narrow the number of finalists to three. A winner will be chosen by the end of the year, officials have said.
According to Michael Fries, Gaming Board chief counsel, it is not known how many of the 60 application documents sent out went to perspective casino owners. It's believed that as many as two applications seeking to own a casino in Des Plaines will be among those submitted as well as proposals for operations in Rosemont, Waukegan and possibly Summit and Country Club Hills.
Fries said the Gaming Board anticipates that some of the "upfront" financing proposals will "be very creative in what they are offering." It's believed that some of the applications will contain plans to share casino revenue with some of the more needy communities and/or school districts in Cook County. In previous proposals for casinos in Des Plaines and Rosemont, there were plans to share millions of dollars in revenue.
As of Monday, Fries said no applications had yet been submitted.
At last week's Gaming Board meeting in downtown Chicago, a representative of the company hired to coordinate the application process, Credit Suisse Securities, said there's been much interest in the awarding of a 10th casino license. For more than a decade, the Gaming Board has been wrestling with the 10th license issue. At one point, the decision was made to erect the casino in Rosemont. That decision was later rescinded when questions surfaced about ties to organized crime.
The stakes are high in the 10th casino process because the huge sums of money the operation will likely generate and because it could become the only casino in Cook County. For more than a decade, Rosemont has been trying to serve as the host community for the 10th license. Officials say the benefit to Rosemont is that it will bring customers to the community's many hotels, Allstate Arena, and Donald E. Stephens Convention Center.
A second potential casino owner has emerged in recent weeks to join Chicago billionaire Neil Bluhm who wants to develop a gaming operation on property along River Road.
Robert Kozonis, owner of the 50-acre O'Hare Lakes office park on Devon Avenue and the Tri-State Tollway, said he will submit an application for a casino on his property. His plan is to develop the property to not only include a casino, but a huge entertainment complex with hotels and restaurants.