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US – Union Gaming says Illinois laws will price investors out of Chicago casino
By Phil - 14. elokuuta 2019
Illinois’ gaming laws will price casino groups out of competing in the race to operate in Chicago according to a feasibility carried out by Union Gaming Analytics.
The report says that the “onerous” tax and fee structure will make it difficult, if not impossible, to attract investors as they won’t might not make a profit for a decade.
Kasinon ylläpitämiseksi sijoittajan on maksettava 250,000 15 dollarin hakemusmaksu etukäteen, 120 miljoonan dollarin sovitusmaksu lisenssin myöntämisen yhteydessä ja jopa 33.3 miljoonan dollarin pelipaikkamaksuja. Heihin kohdistuisi sitten ylimääräinen XNUMX prosentin etuoikeusvero nykyisen verorakenteen lisäksi, jota kaikki Illinoisin kasinot maksavat.
Union Gaming totesi: "Sovitusmaksu yksinään pyyhkiisi pois kaikki voitot, jotka on kertynyt useiden vuosien, ellei vuosikymmenten aikana [Oikaistujen bruttotulojen] verorakenteen perusteella. Sijoitetun pääoman tuottoprofiili kaikilla viidellä paikkakunnalla on heikko, ellei negatiivinen tässä ennustetun viiden vuoden aikana. Täsmäytysmaksu ei vain lisää toteutettavuuden puutetta, vaan se myös sulkee oven kehittäjän mahdollisuudesta saada rahoitusta."
The results of the study, conducted by the Las Vegas-based Union Gaming Analytics, echo concerns from Chicago Mayor Lori Lightfoot on the ability of a casino to make money.
Chicago Mayor Lori Lightfoot had already expressed her concerns. She said: “We have been clear from day one that the creation of a new casino for Chicago has to be financially viable and address the revenue needs of the City of Chicago. While the study confirms our concerns about the tax structure that the legislature passed, we know that this can be addressed, and we look forward to working with the governor and legislative leaders to revise the legislation and ensure a new casino will be beneficial for Chicago’s communities and the entire state.”
Five sites had been put forward for consideration for the Chicago casino last month. They included: Harborside (111th Street and the Bishop Ford Freeway), the former Michael Reese hospital (31st Street and Cottage Grove); Pershing and State; Roosevelt and Kostner; and the former US Steel parcel (80th Street and Lake Shore Drive).
However, the mayor said: “There’s no location or combination of amenities that makes this deal one that can actually get financed. That’s exactly the point that we made to the legislative folks who were putting this together. And now, I think we’ve got a definitive, independent judgment that makes that clear.”
Mayor Lightfoot also highlighted ‘the incredible upside potential of a casino in Chicago that will dwarf the revenues that have been generated by any other casino in the state by many magnitudes.’
“Getting this right is in everybody’s interest, not just Chicago, she added. “This is something that is going to generate, if it’s done right, substantial revenues for the state.”
In a recent survey, the largest percentage of respondents, 36 per cent, said the best location for the Chicago casino was near downtown.
Kyselyyn osallistuneilta kysyttiin myös tärkeimmät tekijät kasinopaikan valinnassa ja mitä mukavuuksia he haluaisivat kasinolla rakennettavan. Ravintolat olivat ensimmäisellä sijalla 58 prosentilla, teatteri/elävä viihde 51 prosentilla ja hotelli 41 prosentilla.
Laajennus mahdollistaa myös kuusi uutta kasinoa Illinoisissa, jotka sijaitsevat Chicagossa, Danvillessä, Waukeganissa, Rockfordissa, eteläisessä Cookin piirikunnassa ja Williamsonin piirikunnassa Etelä-Illinoisissa.
