Ballys temporary casino in Medinah Temple handed Chicago $3 million since its opening in September, $9.6 million below original projections. <\/p>\n
Chicagos gambling revenue from Ballys temporary casino underperformed by $9.6 million compared to the anticipated forecast. <\/p>\n
The casino averaged $776,582 in local tax revenue per month in 2023. Chicago Mayor Brandon Johnsons 2024 budget assumes the city will net $35 million in local tax revenue from the casino, or nearly $3 million a month. <\/p>\n
The casino was initially projected to create $12.8 million in tax revenue for 2023. However, the actual figure was a mere $3.1 million, despite the casino operating round-the-clock since late December with nearly 800 slot machines, 56 gaming tables and additional amenities. <\/p>\n
Ballys permanent location in River West is projected to bring in $200 million in annual revenue, which is dedicated to police and fire pensions. That seems questionable, considering the meager returns from the temporary location. <\/p>\n
In the best-case scenario, the permanent Ballys location would only pay for 9% of the citys annual pension payments. If it falls short of that, the city will need new revenue, which always means more taxes from residents. <\/p>\n
Instead of chasing endless revenue sources, state lawmakers can step up with structural pension reform, freeing up billions in the future for core services, property tax relief or a combination of both. Johnson could champion that solution with state lawmakers. <\/p>\n
A hold harmlesspension plandeveloped by the Illinois Policy Institute can save taxpayers nearly $2.4 billion in its first year and nearly $50 billion through 2045. It would solve the pension crisis in Chicago and the entire state. <\/p>\n
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Chicago's casino nearly $10M short of 2023 expectations - Illinois Policy<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ballys temporary casino in Medinah Temple handed Chicago $3 million since its opening in September, $9.6 million below original projections. Continue reading