With both Illinois and Chicago in a deep revenue canyon, the obvious solution is a partnership between the state and the city to launch a pair of gambling casinos. Repurposing both the Thompson Center and Lakeside Center – the original McCormick Place East – as new downtown casinos will raise billions in gaming tax dollars for both the state and the city.
Experts say downtown gaming also would help expand convention and tourist business with spin-off revenue flowing to hotels, restaurants, museums, and Michigan Avenue shopping, generating up to $6.6 billion in annual revenue, with direct tax revenue of $3-4 billion to the city and state. All this new revenue will help lead Illinois and Chicago back to fiscal stability.
City has 600,000 gamers and players
An estimated 25 percent of Chicago’s population are casino gamers or video poker players, and experts say they are eager to line up for the action and the fun of downtown gambling.
“Everyone from Chicago will travel downtown to the casinos,” predicts Roger Zak, a twice-a-week casino gambler who plays for entertainment and perks. “It’s all about money. I’m betting on a Chicago casino, and the odds of getting one are 100 percent.”
The adaptive reuse of both of these existing buildings as “instant casinos” is a perfect solution to the revenue crunch because the state and city will not have to wait months or years for a revenue stream from a new-construction casino.
Thompson Center, which is only steps from the subway and other public transportation, has 945,000 square feet of space. Imagine the Las Vegas-style action on the giant ground floor gaming area with 200 manned gaming tables and the sound bouncing around in the glass-walled Thompson Center. Add 1,000 slots and video poker machines on upper floors overlooking the main gambling pit, add atrium hotel rooms, and you have a set for a Hollywood movie.
Lakeside Center, which looks a lot like an aircraft carrier and already is anchored on the shore overlooking Lake Michigan, would be the new City of Chicago casino.
Construction sources say the building originally was designed and wired decades ago for a future casino and there is plenty of nearby parking.
Who knew?
Move in 1,000 slots and video poker machines, add 200 manned gaming tables, toss in a few restaurants and bars, and Mayor Rahm “Black Jack” Emanuel could be in business.
Market Data 
Markets 
AI
