Revenue generated by the $1.7 billion Bally’s River West casino, recently approved by the Chicago city council, is projected to pay for just 9 percent of police and fire pension debt, officials said.
Chicago Chief Financial Officer Jennie Huang Bennet said, “This one casino project will pay for approximately 9 percent of our $2.3 billion pension contribution and reduce the likelihood that the city will need to raise property taxes in the future for pensions.”
However, Second Ward Alderman Brian Hopkins, who opposed the casino, noted 9 percent is the most the city can expect. One of the selling points for the casino was that it would significantly impact the pension debt.
“We’re doing this to generate $200 million a year,” he said. “What if we don’t? There’s no guarantee, and it doesn’t sound like we have any real recourse if it doesn’t materialize.”
In order to produce $200 million in annual gaming tax revenue, city analysts said 13,000 gamblers would have to wager $1,500 every day, 365 days a year.
Even if that projection is met, “Down the road, we’ll still have to find more revenue,” said 28th Ward Alderman Tom Tunney, chairman of Mayor Lori Lightfoot’s special committee on casinos.
The casino still needs final approval from the Illinois Gaming Board.
