Chicago is My Home

22
Oct

City of Chicago’s Casino Cash Wouldn’t Be Big Jackpot, But Could Help CTA

Author: Adam Fendelman, Category: Gambling

This just in from ChicagoBusiness.com:

Mayor Richard M. Daley’s dream of a city-owned casino won’t be a financial jackpot for Chicago.

Much of the debate around the current proposal has focused on the $1 billion in annual revenue a downtown casino is projected to generate. In reality, the city’s take after paying state taxes, operating costs and debt service would be only about $150 million.

That’s not enough to fully bail out the cash-strapped city government, which this year is asking for $300 million in new taxes and fees to close budget holes.

Continue reading the story here…