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The number of visitors to the McCormick complex currently forecast for this year (2.5 million) by the Metropolitan Pier and Exposition Authority will still be fewer than in 2019 when between 2.8 million and 2.9 million people attended about 270 events, including conventions at McCormick Place, college basketball games at the complex’s Wintrust Arena, shows at Arie Crown Theater and conferences at neighboring hotels.
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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Las Vegas convention business is CRANKING. Firing on all cylinders.
The actual data reported in the article does not seem to support the cheery headline.
From the article:
Smaller, boutique and luxury hotels doing well. Large hotels have a long way to go.
Occupancy is still down 10.5% from pre-COVID levels.
McCormick Place had 270 events scheduled in 2019. They have 146 events booked for 2023, so approximately half as many. Yet they are predicting 2.5 mil visitors in 2023, vs 2.8 mil in 2019.
The last paragraph notes that suburban hotels are back to pre-pandemic levels, but downtown is lagging.
Chortle, the hotels are full of vagrants and FOL, friends of Lori
Well if the Tribune says it, it must be so. What’s their tagline again, All the news we see fit to print.
Wouldn’t want to read anything that will question your current beliefs. Otherwise you may become more knowledgable and grow as a person. Best to just stay stuck in the same mindset. If it’s not doom and gloom, it must not be true.
No, it’s not about challenging our current belief system. The Tribune is an unreliable news source, with a history of purveying fake news. We are highly skeptical of every fact they publish. Including facts in this article. Like ProzacPlease said above, the Tribune cites someone who said that there are only half as many shows, but they expect almost as many visitors, which strains credulity. Additionally, not sure I believe those occupancy figures. As of last July, Chicago’s occupancy rate was a dismal 56% for the first half of 2022, with good weeks and bad weeks here and there. But… Read more »
All the kink that’s fit to ink!
This can’t be true. The doom and gloom crowd told me this will NEVER come back. Why would they lie? It’s not like they love wallowing in misery.
Meanwhile sane states that didn’t participate in the Chicom – Democrat’s coordinated fake pandemic lockdowns have hotel occupancy rates higher than pre-fake pandemic with higher economic activity. I’m going to love watching from booming FL as parasites like PPF cry when the inevitable bankruptcy of the state forces them to take a haircut. That which can’t be paid wont.
“cry when the inevitable bankruptcy of the state forces them to take a haircut” Oh the inevitable bankruptcy line. Does that happen after eVeRyOnE leaves the state? “Last one out turn out the lights”. lol Plenty of taxes to be raised. Increase income taxes Implement progressive income tax. Eventually they will take another bite at that apple offering up the public either higher flat tax for all or a progressive tax. Taxing of services Taxing of retirement income Maybe a real estate transfer tax to get money one last time from people leaving the state. If it ever comes to… Read more »
While I don’t particularly like the scenario of your post I do have to admit it is pretty accurate regarding the inevitable. People in Illinois do not realize that the pension debt is a first mortgage on their real estate that will be paid someday. An interesting tidbit is if I remember correctly Richard Ogilvie was Governor when the Constitution was amended and Ogilvie was a Republican. Imagine that? A Illinois Republican helping to create the current messy situation.
Next up…Edgar’s ramp.
Riverbender, I don’t like the scenario of my post either. I only point it out because too many people believe that this is a pensioner problem not an entire taxpayer problem. The longer we wait for full actuarial payments the more painful this problem will become. Wishing ill will towards public sector retirees will not make the problem better. Using your analogy around mortgages, it would be the equivalent of complaining about a high mortgage payment and telling the bank someday you won’t be able to pay them and then they’ll see. They’ll see the homeowner right out of the… Read more »
How bout an Illinois exit tax like the Soviet Union imposed on Jewish emigres to Israel in the 70’s?
That could be your side hustle when you’ve gotta go back to “work!”
States can’t implement exit taxes but they can implement real estate transfer taxes. Maybe charge 9% to sell your home and you could get a credit if you purchase another home in Illinois of equal or greater value. Otherwise that 9% goes right to the state. Who cares if people that are leaving don’t like it. They don’t vote. You might want to get a part time job to help pay for those Bowmanville property taxes. I have a feeling you’re going to need it. Me on the other hand, I’m covered with multiple revenue streams. One of which has… Read more »
The mayor says crime is down, the cannabis dealer says drugs are safe, the casino says gambling is fun, and the CEO of a private equity company that owns downtown Chicago hotels says that business is great!
“There is no doubt the continued post-COVID snapback in travel is absolutely happening,” said John Rutledge, CEO of Oxford Capital Group, which developed a portfolio of luxury downtown hotels including LondonHouse Chicago and The Godfrey Chicago.