11-26-2008, 12:27 PM
Showing their hands
HIGH-STAKES RACE | Firms unveil plans as battle for state's last casino license heats up
November 26, 2008
BY CHRIS FUSCO Staff Reporter/cfusco@suntimes.com
The company headed by a Las Vegas-tested veteran is offering a staggering $435 million for the state's last-available casino license, but organized-crime questions about its location -- Rosemont -- might linger.
There's an alternative casino site just up the road in Des Plaines, but its owners have offered only $200 million for the license so far.
» Click to enlarge image
The three finalists for the dormant license unveiled plans before the Illinois Gaming Board on Tuesday.
(Courtesy)
And then there's the clout-heavy firm that wants to put a casino in Waukegan. Its opening bid is $225 million. But can it really build a casino for the seemingly low amount it says it can?
These are among the many questions that became apparent Tuesday as the three finalists for the dormant license unveiled plans before the Illinois Gaming Board. The board's five members hope to pick a winner before the end of the year -- after the firms have had an opportunity to increase their bids.
So will it be Rosemont, Des Plaines or Waukegan?
Here's a snapshot of the casino proposals for those suburbs. Developers of all three say they could be up and running within 18 months.
MIDWEST GAMING, DES PLAINES
HEADED BY: Chicago real estate magnate Neil Bluhm
OPENING BID:$200 million
PROS: Restaurants and two hotels to flank casino. Study commissioned by Bluhm shows his casino would boost state gaming taxes the most.
CONS: Bid calls for $100 million to flow immediately, and another $100 million to come over the next 10 years. That might not fly with the Gaming Board, because state government is in financial crisis.
TRILLIANT GAMING, ROSEMONT
HEADED BY: Former MGM Mirage President Alex Yemenidjian
OPENING BID:$435 million
PROS: Near O'Hare Airport, Rosemont's convention center and several hotels. State tax revenues in first five years to top $1 billion, owners say.
CONS: State attorney general in 2004 raised questions about mob links in Rosemont. Yemenidjian said Tuesday that "all of the concerns are related to other times and other people, and none of those conditions exist today." Also, existing casinos worry Rosemont might steal patrons.
WAUKEGAN GAMING, WAUKEGAN
HEADED BY: Politically connected businessmen Richard Stein, Edward Duffy, Charles Bidwill and others
OPENING BID:$225 million
PROS: Casino and hotel would be cornerstone of plan to redevelop the struggling north suburb. Location is farthest from existing casinos.
CONS: A Gaming Board member questioned whether $200 million construction cost is realistic. Bid might not be high enough.
![[Image: game4.jpg_20081125_22_49_15_93-282-400.imageContent]](http://media1.suntimes.com/multimedia/game4.jpg_20081125_22_49_15_93-282-400.imageContent)
HIGH-STAKES RACE | Firms unveil plans as battle for state's last casino license heats up
November 26, 2008
BY CHRIS FUSCO Staff Reporter/cfusco@suntimes.com
The company headed by a Las Vegas-tested veteran is offering a staggering $435 million for the state's last-available casino license, but organized-crime questions about its location -- Rosemont -- might linger.
There's an alternative casino site just up the road in Des Plaines, but its owners have offered only $200 million for the license so far.
» Click to enlarge image
The three finalists for the dormant license unveiled plans before the Illinois Gaming Board on Tuesday.
(Courtesy)
And then there's the clout-heavy firm that wants to put a casino in Waukegan. Its opening bid is $225 million. But can it really build a casino for the seemingly low amount it says it can?
These are among the many questions that became apparent Tuesday as the three finalists for the dormant license unveiled plans before the Illinois Gaming Board. The board's five members hope to pick a winner before the end of the year -- after the firms have had an opportunity to increase their bids.
So will it be Rosemont, Des Plaines or Waukegan?
Here's a snapshot of the casino proposals for those suburbs. Developers of all three say they could be up and running within 18 months.
MIDWEST GAMING, DES PLAINES
HEADED BY: Chicago real estate magnate Neil Bluhm
OPENING BID:$200 million
PROS: Restaurants and two hotels to flank casino. Study commissioned by Bluhm shows his casino would boost state gaming taxes the most.
CONS: Bid calls for $100 million to flow immediately, and another $100 million to come over the next 10 years. That might not fly with the Gaming Board, because state government is in financial crisis.
TRILLIANT GAMING, ROSEMONT
HEADED BY: Former MGM Mirage President Alex Yemenidjian
OPENING BID:$435 million
PROS: Near O'Hare Airport, Rosemont's convention center and several hotels. State tax revenues in first five years to top $1 billion, owners say.
CONS: State attorney general in 2004 raised questions about mob links in Rosemont. Yemenidjian said Tuesday that "all of the concerns are related to other times and other people, and none of those conditions exist today." Also, existing casinos worry Rosemont might steal patrons.
WAUKEGAN GAMING, WAUKEGAN
HEADED BY: Politically connected businessmen Richard Stein, Edward Duffy, Charles Bidwill and others
OPENING BID:$225 million
PROS: Casino and hotel would be cornerstone of plan to redevelop the struggling north suburb. Location is farthest from existing casinos.
CONS: A Gaming Board member questioned whether $200 million construction cost is realistic. Bid might not be high enough.