The prospects of a Chicago casino is in the doldrums. Ever since Union Gaming, hired by the state to present a feasibility report on Chicago casino, confirmed that “onerous tax and fee structure” is making a profitable casino venture in Chicago impractical, lawmakers have been exploring practical alternatives.
However, on Monday, a five-person Gaming Board passed the resolution seeking changes in the tax structure. While the Board hasn’t made any particular recommendations as to what changes it seeks, it is clear that they want the laws and tax policies to be relaxed to make a casino project feasible for investors in Chicago.
Being diplomatic, Gaming Board Chairman Charles Schmadeke said that it is the Board’s duty to make recommendations to the General Assembly and that it is for lawmakers to decide upon those recommendations.
Though the feasibility study of a Chicago casino by Union Gaming revealed that it would not be profitable for investors, the report has also found that slot machines installed at O’Hare International Airport and Chicago Midway International Airport could be feasible in terms of generating positive revenues.
The report estimates that the state could gross about $18.5 million annually through slot machines at Chicago airports.
Earlier this year, Gov. J.B Pritzker signed a massive gambling expansion bill allowing for six different casinos in the state.