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Chicago Mayor Looking at Casino Proposal

"…But it is so early in the process that to say the mayor actively is considering a gaming facility would be an overstatement, the source said.

"A new license that would permit the city to build a land-based casino would require a change in state law, and even members of Daley's intergovernmental affairs staff--who would be involved in trying to shepherd legislation through Springfield--have been unaware of possible interest by the mayor, sources said.

"Nevertheless, the city's worsening financial picture apparently has prompted Daley's interest in researching the pros and cons of a gaming operation in Chicago.

"Daley's preliminary budget for 2003, released in mid-summer, showed a projected deficit of $116 million. Since then, conditions appear to have worsened, though Daley administration officials have refused to provide an updated deficit estimate.

"…A casino, if one were to be built, obviously would not be ready in time to bail out the 2003 budget, but it could provide a lucrative revenue stream in future years that would leave the city less vulnerable to recession and ebbs and flows of the economy.

"…This summer, when an investment group's proposal for a riverboat casino in Rosemont fell through, he said Chicago would not seek the license. But he said government--meaning the state--should own all of the gaming licenses in Illinois, hire private companies to manage the casinos and reap the big money that they generate."

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