(Bloomberg) -- Chicago has narrowed the proposals for its first casino to three candidates from five as Mayor Lori Lightfoot pushes to build an entertainment complex that could some day help pay down the city's fire and police pension costs.
Three submissions -- Bally's Corp. at the Tribune site; Hard Rock at the ONE Central site; and Rivers 78 at the 78 site -- will move forward with proposals to develop a casino, resort and entertainment complex, according to the city. Two will not advance: the Bally's proposal at the McCormick Place Truck Marshaling; and Rivers Chicago at the McCormick Place at Lakeside Center.
The Lightfoot administration is expected to choose a final proposal to submit for approval by City Council by early summer, according to Chicago Chief Financial Officer Jennie Bennett. Assuming it's cleared by the Council, the bid will then go to the Illinois Gaming Board for approval.
The proposed facility is projected to generate about $400 million annually in gaming revenue for Chicago and Illinois, with the city's expected share of roughly $200 million slated to go toward pension obligations, according to the city.
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