To meet the $200 million projection, 13,000 gamblers would need to wager $1,500 every day of the year. 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.” Hopkins said. “We’re doing this to generate $200 million a year. Alderman Brian Hopkins, 2 nd Ward, voted in opposition out of worries that the projection will leave Chicago short of cash. “This revenue source, in my opinion, is probably one of the last larger pieces of revenue that we will be afforded – short of increasing the property taxes – to meet these obligations,” said Alderman Jason Ervin, 28 th Ward.īut projections aren’t set in stone.

It’ll be 9% more than the city had before but does nothing for the other 91% of unfunded pension debt. Revenue from the new casino will go exclusively to police and fire pensions. “This one casino project will pay for approximately 9% 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,” said Jennie Huang Bennet, chief financial officer for the city. The River West development is being touted as a pension solution, but even the highest projections show only a drop in the bucket. The Chicago City Council approved a $1.7 billion casino in a 41-7 vote May 25. The generated revenue will exclusively pay for pension debt, but only an estimated 9% of what the city needs. The Chicago City Council approved a casino development in the River West neighborhood.

Chicago casino revenue doesn’t address 91% of city pension debt

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