Story posted Friday, January 29, 2010
Suitability Study Close
Illinois Gaming Board investigators have yet to complete their suitability investigation into the key personnel involved in Midwest Gaming and Entertainment's planned Des Plaines casino.
However, completion of the process may not be far off. That's what Midwest project manager Mike Levin said at Monday night's Des Plaines Commission meeting where preliminary approval of the billion dollar project near River Road and Devon Avenue was granted. City Council approval is needed, which could occur in February.
The year-long suitability process requires the Illinois Gaming Board to conduct extensive background checks on all key personnel involved in the operation of the casino including major investors as well as the structure of its ownership. The process is crucial to Midwest's ability to borrow large sums of money to finance the development. The company's financing package must also receive gaming board approval at a meeting after suitability is approved by the five-member board.
Midwest plans to build a 140,000 sq. ft. casino on a 20-acre parcel located on the west side of River Road north of Devon. Besides the casino, two parking garages, new restaurants and hotels towering 11 and 15-stories each are planned.
While not yet listed, gaming board members could vote on Midwest's suitability at either their Feb. 10 or late March meetings. Midwest has indicated that it wants to start demolishing three or four of the office buildings on the property as early as March.
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