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Chicago License Bidding Fierce

CHICAGO, Illinois – As reported by the Chicago Tribune: "…In the highest stakes game of poker ever played in Illinois, three finalists bidding for the state's last casino license spent Wednesday in an elaborate game of one-upmanship in the plush 54th-floor offices of a Chicago law firm.

"Though the players were seated at different tables, it didn't stop them from upping their antes by millions of dollars in the first hand of the game alone. As the day wore on, the proposals grew in complexity, making dollar-for-dollar comparisons increasingly difficult. The auction, required under federal bankruptcy rules, was expected to continue into the early hours Thursday.

"By late Wednesday, Harrah's Entertainment, which entered the auction with the highest bid of $375 million for its proposal to build a casino in Waukegan, had raised that offer to $500 million. Midwest Gaming & Entertainment, which wants to build in Des Plaines, had increased its bid to $470 million from $360 million. And Biloxi, Miss.-based Isle of Capri Casinos, which has its sights on a Rosemont casino, had raised its offer to $470 million from $351 million…"

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