The city of Aurora, Illinois, is considering taking out a $50 million loan to assist the Hollywood Casino in building a new facility and hotel in downtown Aurora.
According to the city, the loan, taken out in general obligation bonds, would be paid back out of the increased property taxes the casino resort, owned by Penn Entertainment, would generate. The total cost of the project is $360 million, of which $50 million would come from the city, plus two parcels the city owns.
As reported by the Daily Herald, Trevor Dick, assistant director of the Mayor’s Office of Economic Development explained to the finance committee of the city council that the existing Hollywood Casino, built on a floating barge, would be torn down, along with a four-story building next to it. The land would be given to the city, shovel ready for development.
Hollywood Casino originally opened in 1993 on two riverboats. After state law was amended so that casinos could operate on land, the boats were taken out.
Besides the casino itself, the project would also include a 200-room hotel, spa and dining.
The plan was approved by the finance committee, and it will be passed on to the entire council for its decision.
