-- Connecting the dots between our economy, government and business --
Bally’s is deep into the construction of its permanent casino located at 777 W. Chicago Ave. Aiming for a grand opening in September 2026. But even with the blueprints in motion, challenges loom large. Fitch highlighted several red flags: Chicago’s gaming market is already pretty packed, local tax rates are sky-high, and like any massive project, the new casino will face early growing pains before the slot machines start singing consistently. Bally’s isn’t even getting a confidence boost from its temporary Medinah Temple location, which brought in less than $8.8 million in February, its weakest month in over a year.
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
In a decade or so, you’re going to have a casino surrounded by squalor.