It’s official: Bally’s casino in River West is Mayor Lori Lightfoot’s pick for Chicago’s gambling complex — but it’s not a done deal yet

A gambling complex in Chicago’s River West is now officially Mayor Lori Lightfoot’s pick for the city’s long-awaited casino license — an endeavor that could boost Chicago’s finances, factor into the coming mayoral election and transform the neighborhood.

Lightfoot chose to advance a $1.74 billion casino, hotel and entertainment development at what is now the Chicago Tribune’s Freedom Center printing plant. Rhode Island-based Bally’s, which owns and manages 14 casinos in 10 states, hopes to make this one the flagship of its chain.

Though many hurdles remain before anyone will be betting at blackjack tables along Grand Avenue, a deal for the mayor to land a casino in Chicago represents the fulfillment of one of her goals as she heads into an expected reelection bid.

[ [Don’t miss] Chicago has its casino choice: Here’s how the process unfolded — and ended with Bally’s ]

But she and developers still have to persuade a majority of aldermen, the Illinois Gaming Board and wary neighbors before the deal is done.

If approved, Bally’s aims to open a temporary casino nearby by the second quarter of 2023, with the permanent casino slated to open in the first quarter of 2026.

The City Council approval process could be bumpy. Some aldermen are likely to complain that they didn’t get more say in selecting the winning bidder. Others might balk due to distaste for gambling or concern about traffic. But Lightfoot will argue that the casino makes big tax hikes less likely in the future, a message that’s likely to appeal to aldermen who dislike nothing more than property tax increases.

Even though it will draw some opposition, a Chicago casino has the potential to help the city’s long-troubled finances and give Lightfoot a major political victory as she heads into her reelection campaign. As mayor, Lightfoot has struggled to promote her legislative agenda in Springfield, with the casino bill being a critical exception.

In 2020, Lightfoot successfully pushed lawmakers to authorize a Chicago casino, giving her a win that had eluded mayors for decades. Lightfoot also succeeded in her efforts to get the tax structure changed so as to make a casino more attractive for potential bidders. Even with those changes, the city struggled to attract interest from heavy hitters in the gambling industry but three firms submitted five bids for the city to consider.

After unveiling five competing casino bids last year, Lightfoot said she wanted to “get a finalist to recommend to the (Illinois Gaming Board) by sometime in the first quarter of next year.” That goal wasn’t met as the city announced plans to host a series of community forums, giving Lightfoot more time to unveil her choice to the public.

If a majority of aldermen give Lightfoot’s preferred choice the thumbs-up, it will then head to the state gaming board for an up-or-down vote on whether to award a license to the developer of a Chicago casino. The city hopes to use casino funds to shore up pension-related budget holes, a point she’s likely to reiterate throughout the process.

Bally’s plans to use a former Tribune Publishing warehouse once earmarked for a residential and office development as its temporary casino while Freedom Center is demolished and the permanent facility is built.

But before any of that can happen, city leaders will likely face stiff opposition from some neighbors in an area that in recent decades has seen other industrial spaces and parking lots supplanted by residential developments.

Members of the River North Residents Association have been heavily engaged in the casino selection process, attending meetings, talking to the press, issuing public statements and conducting a public survey all with the same message — the Bally’s casino, hotel and entertainment complex is not the right fit for River West.

“The game is not over yet,” said Brian Israel, president of the residents association, adding that this is just one step in a longer process, adding the group will lobby the council to reject the plan.

“Chicago is a great American city,” Israel said. “And we think it can do better than this.”

He said the association is disappointed at the lack of transparency and the short timeframe of the selection process and said the mayor’s office should be working with city council members more as they make decisions about the casino proposal.

“We think that the development that’s been proposed is the wrong project for this site. Our organization is definitely not anti-development,” Israel said. “We have been working for 25 years with many many developers and the city to review and recommend changes to dozens of developments throughout the area and we always want development to be done in a way that enhances the community and considers its impact on all of the stakeholders. But unfortunately that really can’t be said about this project.”

Check back for more details.