The past couple of years have been marked by growth for Hard Rock. In May, Hard Rock Northern Indiana opened in Gary, and three months later, it became the majority owner of the $300 million project.<\/p>\n
In June, the Illinois Gaming Board approved a temporary casino for Rockford, Ill., while a Hard Rock is built there. The short-term venue will not carry the Hard Rock name. It will be called Rockford Casino \u2013 A Hard Rock Opening Act.<\/p>\n
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While both the Gary and the permanent $310 million Rockford casino are in the Chicago area, Allen told Casino.org<\/em> that Hard Rock\u2019s \u201cchameleon-like\u201d ability to meld to the markets it serves means they won\u2019t cannibalize each other.<\/p>\n<\/div>\n\u201cIt can do so many different things,\u201d he said. \u201cThe Hard Rock Hotel in Orlando is all about families. So, certainly, Gary and Rockford would be similar to Cincinnati, a little bit more regional-focused. Certainly, Chicago is an international city. Without getting into the details of our proposal, it is much larger, many, many billions (of dollars) as far as the project size itself.\u201d<\/p>\n
Tax Structure Stalled Chicago Casino Procurement<\/h2>\n
The Chicago casino solicitation faced delays right from the beginning, after Illinois lawmakers established the license in a 2019 expanded gaming bill that legalized sports betting, added casino licenses in areas around Chicago and places downstate, and also allowed racetracks to add casino gaming.<\/p>\n
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However, concerns about an effective tax rate north of 70 percent derailed the project. That tax rate was due to the combination of a gross receipts tax and a separate fee covering first responder pensions.<\/p>\n<\/div>\n
Led by Lightfoot, city officials lobbied state lawmakers to adjust the taxes, and the current rate is expected to be around 40 percent.<\/p>\n
That allowed the city to release the RFP in April.<\/p>\n
Under the initial schedule with an August deadline, the city was expected to pick a finalist by early 2022. It is uncertain when that would take place under the revised schedule.<\/strong><\/p>\nCity officials in the solicitation said they wanted a resort that included no more than 500 hotel rooms and 60,000 square feet of meeting space.<\/p>\n
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Related News Articles<\/h3>\n<\/div>\n<\/div>\n
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