THE JOURNAL & TOPICS NEWSPAPERS | WEDNESDAY, JULY 23, 2008
Casino Hopes Still Alive
By TODD WESSELL
Journal & Topics Editor
For the umpteenth time, the process of awarding Illinois' 10th riverboat casino license-which could result in it landing in Des Plaines or Rosemont---has been resurrected.
Late last week, state Gaming Board members introduced the investment banker, Credit Suisse, that has been hired to solicit and review new bids for the gaming license. Applications were sent out last Friday to perspective bidders that want to own and operate a casino in the Chicago area. From the bids submitted, three finalists will be chosen and from there negotiations conducted to determine the best deal for the state. The applications will include information about the developer, town and bid amounts which will total in the hundreds of millions of dollars annually.
Among the towns interested in hosting a casino are Des Plaines, Rosemont, Waukegan, Summit and Country Club Hills. At some point in time, the City of Chicago may also serve as a host casino community, but that would likely require state legislation.
Both Des Plaines Mayor Tony Arredia and City Manager Jason Bajor said the city remains hopeful that it will serve as the location of a new casino.
Chicago real estate billionaire Neil Bluhm and the city have linked up to try to put together a casino plan that could result in an operation on the site of the former Xerox office building on River Road north of Devon. Bluhm, who owns casino operations in other parts of the country, has indicated his desire to build a complex that would include a hotel and retail shops in the Devon-River area.
An attempt by the Journal & Topics Newspapers this week to contact Bluhm or his casino spokesman was unsuccessful.
The reason why certain communities want to host a casino centers totally around finances. The host community would reap 5% of all adjusted gross revenues which could reach as much as $600 million annually. Rosemont's main interest is in the additional hotel and convention center business it will bring in. The 10th casino would likely become the most lucrative in the a state, officials believe, and play a major role in helping the state dig itself out of a economic mess.
There are plenty of casino opponents, however, who contend that such an operation would result in more casino-related problems and not really help communities that would become dependent on the new income.
"The application will have to be done by Neil," said Arredia this week. "I will try to set up a meeting with him. He'll want to know where we stand. I assume everyone on the City Council is still for it."
Rosemont Mayor Brad Stephens said village attorneys are talking with two potential casino developers, but that no decision has been made which one will make formal application. Stephens added that two applications could be submitted for a casino in Rosemont.
Arredia and Bajor said the last time city officials spoke with Bluhm was about five months ago in a conference call.