Chicago pushes ahead with casino plans

Apr. 24, 2021 9:44 AM ETMGM Resorts International (MGM), WYNN, CZR, LVSLVS, MGM, WYNN, CZRBy: Clark Schultz, SA News Editor132 Comments
  • Chicago is moving ahead with plans to bring a sole casino into the city as it opened up the process for developers to submit proposals.
  • The city hopes to designate a casino license winner by early next year. The integrated resort would not be expected to open until 2025.
  • Chicago politicians are in pitch mode. "We're the best city in the country. We have so much to offer," noted Chicago Mayor Lori Lightfoot this week during a virtual press conference.
  • Obviously, Chicago is a big tourist draw with 60M visitors a year and is likely to draw the attention of MGM Resorts (NYSE:MGM), Wynn Resorts (NASDAQ:WYNN) and Caesars Entertainment (NASDAQ:CZR).
  • CDC Reports' Howard Stutz notes that other major U.S. cities are also looking to attract bids from casino operators. Las Vegas Sands (NYSE:LVS) has a team of lobbyists in Texas and is spending millions in an advertising campaign in support of gaming legislation. New York is also attracting huge interest from LVS and others as efforts continue to bring an integrated resort closer to Manhattan within a few years.
  • Las Vegas Sands was a bit coy about its intentions during its recent conference call, saying it can enter the U.S. online market either through M&A or organically.
  • Related: Sports betting legislation advances in key areas.

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