Key Takeaways
The selection of Bally's for the Chicago casino should be carefully scrutinized. My understanding from various credible sources: The mayor's office introduced Bally's to GRIT Chicago for a joint casino bid at the "McCormick East" building owned by the Metropolitan Pier and Exposition Authority, MPEA, owner of McCormick Place, Chicago's convention center. But, GRIT decided to make a bid with Rivers Casino vs. Bally's for MPEA's East building.In response to GRIT's decision to go with Rivers vs Bally's, the mayor's office introduces Bally's to the Tribune site (the successful bid) and the Marshaling Yards, another property owned by MPEA, which was at the time, and maybe still is under a LOI with GRIT Chicago. GRIT Chicago threatened a lawsuit if Bally's Marshaling Yards bid won. Why was the mayor's office so interested in Bally's? Bally's paid one application fee vs two? The mayor's office was in communication with Bally's during the bid review process which was prohibited. The casino is tourism and convention, it should be located by MPEA / convention facilities not in a residential area with traffic issues, away from downtown hotels, restaurants and entertainment venues. What is the dynamic between GRIT, Bally's and the mayor's office? Alderman King? The McCormick East building is desperate of few hundred million dollars of deferred maintenance to keep it in service and the winning bid goes to 500 West Grand Ave (Tribune Freedom Center) vs the lakefront benefiting from existing tourism and entertainment infrastructure, with great access, minutes from restaurants, shopping and entertainment?
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