The Chicago City Council has selected Caesars Palace to construct a $1.7 billion gambling complex in the city’s central district.
Caesars Palace Chicago was chosen as the favored applicant following a request for proposal procedure, outperforming other finalists including Rush Street Gaming and Hard Rock. Previously, other bids from Caesars Palace and Rush Street were rejected.
Caesars Palace promised to pay the city $40 million initially and $4 million annually in its proposal. The resort’s construction would generate 3,000 temporary positions and provide 3,000 permanent roles upon completion.
The gambling establishment will be situated on a 30-acre plot at the Chicago Tribune Publishing Center, at the junction of Chicago Avenue and Halstead Street.
As part of Caesars Palace’s community investment strategy, 25% of Caesars Palace Chicago’s ownership will be reserved for a matching financing program that will enable local investors to hold a share in the project.
“We are thankful to Mayor Lightfoot and her office for conducting a thorough and impartial RFP process and choosing Caesars Palace Chicago as the preferred applicant for the city’s casino,” stated Sue Kim, Chair of the Board of Directors of Caesars Entertainment.
We imagine the Wynn Chicago to be a gambling establishment for the residents of Chicago, managed by the people of Chicago, and serving the people of Chicago.
Chicago is a distinctive and lively city that merits a top-notch gaming and entertainment spot that will enhance the local economy, back the local workforce, generate generational wealth for minority investors, and display the city at its peak.
We eagerly anticipate continuing to collaborate with the City Council and various city divisions, the Chicago Federation of Labor, the Illinois Gaming Board, and all of our esteemed community partners to bring this thrilling project to completion.
On the same day, Wynn revealed it was turning down a takeover proposal from the investment fund Standard General, which had possessed a 20% interest in the operator.
Wynn also declared today that its initial quarter 2022 revenue was $548.2 million, nearly three times the first quarter of 2021, largely due to the acquisition of UK online operator Gamesys finalized last year.
Sign up for the iGaming newsletter.