CHICAGO — Bally’s, the casino operator chosen to bring a gambling mecca to Chicago’s River West neighborhood, has made its initial $40 million payment to the city — money that is earmarked to help fill massive pension holes in future budgets.
Mayor Lori Lightfoot’s office was eager to publicize the payment this week, negotiated as part of the casino bidding process, as she kicks her reelection campaign into high gear. But even if the casino brings in the $200 million a year in tax revenue its supporters project it to deliver later this decade, City Hall still faces major financial challenges down the road.
“This is the first down payment from the casino on the future of Chicago’s pensions and a clear indication of the City’s commitment to its hardworking public safety professionals,” Lightfoot’s office said in a statement. “In the years to come, the Chicago Casino is projected to bring hundreds of millions of dollars in revenues to the City, with many of those revenues earmarked for pensions.”
