-- Connecting the dots between our economy, government and business --
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While Bally’s is preparing to develop the 30-acre site, it may not own the land itself for long. The publicly traded company said earlier this month it plans to sell the land and lease it back to raise money for the proposed casino complex.
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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The irony here is lost on the City. Newspapers are the past. Gambling is the future. All of which is funded by private equity.
Lori’s casino shell game?
Guaranteed Income checks cashed for free!
Ka Ching!