Bally’s Wants 12-Year Break on Property Taxes for Chicago’s First-Ever Casino
Bally’s Corporation wants Chicago’s City Council to grant a 12-year property tax break to help it deliver on its promises. [Image: Shutterstock.com]
Bally’s Corporation is asking city officials to grant it a 12-year property tax break for its under-development $1.7bn casino resort in Chicago. The company wants the rate to drop to 10% from the current 25% level for commercial real estate.
ensure it can contribute the expected $200m each year to the city
Bally’s argues that doing so would help in its efforts to ensure it can contribute the expected $200m each year to the city through various taxes.
Alderman Gilbert Villegas introduced the proposal, which is now in the Rules Committee. Proponents believe that taking this step would help encourage other major investments in the city.
Plenty of resistance to the idea reportedly exists within the City Council, and some people question whether Bally’s will actually deliver on its promises. Its temporary casino at Medinah Temple has underwhelmed so far. Mayor Brandon Johnson hoped to get $36m in tax revenue from the facility last year, with the final result of $16m being less than half that target.
