-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Hey Lori don’t you know its racist to build the first casino anywhere but Englewood? What was all that talk about helping the poor neighborhoods? You’re going to have to explain why River North was chosen over Englewood, proceed please.
Building any casino within range of Chicago Mass Transit will be a big misfire.
So far nothing is being done with the casino at the old Clock Tower site. There is a pile of dirt there from almost a year ago. The temporary casino at the former Giovanni’s seems to do OK but that’s it. A few weeks back the Ho-Chunk casino got the approval and the site in Beloit is ready to build. It will be close to a $405M complex. It will probably be built way before the Hard Rock casino is built. Only 20 miles from Rockford. It will dwarf anything Rockford builds.
https://www.500nations.com/casinos/wiHoChunkBeloit.asp
Freddy, unfortunately Illinois is a dead end we who stay will suffer
I imagine a Chicago casino will do quite well at first due to the curiosity factor. But Rivers and Horseshoe will continue to be less of a hassle to access for suburbanites. Tourists and conventioneers will have to go out of their way to get there, assuming they’re in Chicago to gamble to begin with. Chicago will poach some tourists and Indiana-bound suburbanites, but the gains will be minimal for the state.
I think building a casino anywhere besides McCormick Place was a big mistake. The infrastructure was already there, so there was an an opportunity for an entertainment complex.
I’d rather drive up to the cabin in Minocqua and hit the Indian casino in Lac Du Flambeau all you can eat buffet full of freshly caught lake trout caught by the tribe that day. Great odds too.
Who would even trust the Casino to operate remotely fair. Las Vegas is untrustworthy at fixing of games even with a decent game commission. Chicago mafia and political insiders will see to it the games are completely and utterly unfair.
This could turn out to be a big flop, Chicago is no longer a tourist destination, and people won’t travel to the city to gamble.
The hue and cry from the politicians in chicago has always been, “But, But,it’s for the children.” Now it has changed to “But, But, it’s for the pensions.” The children never got any of the dollars before and the pensions aren’t going to get any new dollars now. After the under the table payoffs and city council fund diversions for some shiny new objects, the pensions will not be any better off than the the unfortunate kids in the CPS are.
Let’s see… Chicago is now selling pot, building casino. Next up…. prostitution.
My prediction is that a declining River North will be repurposed into the Sin City of the midwest. It has all the elements: walkable, lots of cheap hotels, weed stores, clubs, casino, a few strip clubs, abortion clinics, restaurants and shopping (for now). There’s already a lot of prostitution just not legalized yet. I could easily see an even more progressive Springfield in 2023 or 2025 taking steps to legalize the world’s oldest profession in response to a conservative backlash throughout the entire country. River North won’t turn into blight – there’s too much valuable infrastructure – but due to… Read more »
Get blown in the Windy City!
I agree with your prediction, but do think River North could become blighted, though it might take 10 or 20 years. The combination of increased crime, rising housing expenses (taxes and inflated condo assessments), and work from home could have a big effect on any of the real estate north of the river.
I do not think the current residents would welcome a Sin City River North to replace the vibrancy they moved into the city for. Let’s see what happens to condo prices in the next 5 years.
Get blown in the Windy City!
From Bedford Falls to Pottersville we finally go. Of course Chicago was never Bedford Falls, but it was never outright this blatantly against its citizens. To stand up a casino and blatantly tell us its a conduit to flow money from your pocket into someones retirement in Florida, and think that is a convincing argument means these people have lost touch completely.
It sounds like the casino revenue will help quite a bit but the city will need to raise more money. They have the next 5 years to figure out where they would like to cut 40 million from the budget or what taxes they would like to raise. Plenty of time. My guess is more taxes but who knows.
Remember back in the day Illinoisans were promised that lottery proceeds would fund the schools? Checked my property tax bill and that doesn’t seem to be the case.
This casino promise is more of the same B.S.
I thought selling pot was going to fix the pension shortfall.
I guess not.
Was that before or after they said the tollbooths would only be up until they paid off the tollway construction?
After, of course, after.
Crime is already crazy insane bad in Chicago, running casinos in the city will only increase crime as thugs lose their money and need to rob, mug, and steal to get it back.
Hmmmm….is Tunney out of the doghouse for running his Covid speakeasy?
the casino has nothing to do with funding pensions! The casino is a trough for feeding politicians! Of course it’s not enough to cover pension obligations!