- The same feasibility study said the 'onerous ' tax and fee structure in the gambling law — the highest nationwide — would make a Chicago casino 'not financially feasible.'.
- Published by Rachel Elam August 21, 2019 Categorie(s): Casino News Chicago casino would not be profitable according to a feasibility study. The study was conducted by Union Gaming Analytics and it was aimed at finding out whether the development of a casino in Chicago would be feasible for the state.
- The feasibility study blamed the existing tax and fee structure for making a Chicago casino unrealistic. The report said a Chicago casino has the potential to become the highest-grossing.
A feasibility study has concluded a Chicago casino would not be viable under the current tax structure. The results of the study are in, and Mayor Lori Lightfoot agrees with the contention that under the state's current rules, a casino would not be successful. City Of Chicago Turns Out To Own Part.
No progress made
Chicago Mayor Lori Lightfoot has failed in her latest attempt to secure a tax break for a planned city-owned casino.
She recently visited Springfield, the capital of Illinois, to ask lawmakers to consider easing the current tax scheme that is in place. The reason Lightfoot is seeking such a tax break is due to the results of a feasibility study that was conducted in August.
Outcomes of the feasibility study
The feasibility study was completed by Union Gaming, a Las Vegas-based firm, after being commissioned by the Illinois Gaming Board. Printable roulette rules.
gaming revenue generated at this casino would effectively be subject to a tax rate of 72%
The conclusion of this feasibility study was that casino operators would not have an interest in investing in a casino resort in Chicago due to the hefty tax scheme. Slot prep dentistry.
As per the recent gambling expansion bill in the state, the gaming revenue generated at this casino would effectively be subject to a tax rate of 72%.
Mayor Lightfoot is still optimistic
Lightfoot subsequently proposed an amended tax scheme to the Illinois lawmakers, but to no avail.
Speaking about her efforts, Lightfoot said: 'We feel like things are moving forward in a positive direction, but we've got to get the language finalized and get it to the respective chambers so that legislators can see what the outlines of the legislation look like.' Lode star casino sd.
Breakdown of the current tax scheme
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She recently visited Springfield, the capital of Illinois, to ask lawmakers to consider easing the current tax scheme that is in place. The reason Lightfoot is seeking such a tax break is due to the results of a feasibility study that was conducted in August.
Outcomes of the feasibility study
The feasibility study was completed by Union Gaming, a Las Vegas-based firm, after being commissioned by the Illinois Gaming Board. Printable roulette rules.
gaming revenue generated at this casino would effectively be subject to a tax rate of 72%
The conclusion of this feasibility study was that casino operators would not have an interest in investing in a casino resort in Chicago due to the hefty tax scheme. Slot prep dentistry.
As per the recent gambling expansion bill in the state, the gaming revenue generated at this casino would effectively be subject to a tax rate of 72%.
Mayor Lightfoot is still optimistic
Lightfoot subsequently proposed an amended tax scheme to the Illinois lawmakers, but to no avail.
Speaking about her efforts, Lightfoot said: 'We feel like things are moving forward in a positive direction, but we've got to get the language finalized and get it to the respective chambers so that legislators can see what the outlines of the legislation look like.' Lode star casino sd.
Breakdown of the current tax scheme
When factoring in all of the various operating expenses associated with a casino, such as utilities, marketing and payroll, Union Gaming believes that with the current tax scheme, a 1% profit is all that could be achieved by a Chicago casino.
However, with the likes of debt servicing, any such profits would be instantly eroded away, which poses a major issue for getting this casino project off the ground.
Union Gaming believes that with the current tax scheme, a 1% profit is all that could be achieved
Despite not making any progress so far, Lightfoot believes that an agreement can be secured. However, with the fall session of the Illinois General Assembly being adjourned today, this issue will have to be parked for some time.
Bill signed in July
This new casino was made possible following the signing of the gaming expansion bill in July by Governor J.B. Pritzker. It also gives the green light for the ten riverboat casinos in the state to set up land operations.
Chicago Casino Feasibility Study Guides
As part of this bill, sports betting has also been legalized, with licensing applications set to begin in December.
