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Chicago mayor makes casino funding demands

CHICAGO, Illinois -- As reported by the Chicago Tribune: "The likelihood of a Chicago casino curing the state's financial woes edged a little further from reality Wednesday after Mayor Richard Daley's administration asked for a sizable cut of casino revenues and considerable control.

"Daley officials said the city 'strongly supports' building a land-based casino in Chicago, but they hinged support on specific demands, including the creation of a separate city-led authority to oversee the project. The city also wants to substantially lower the upfront casino operator's license from the proposed $800 million, receive 70 percent of net casino revenues and make the operator's license longer than four years, as currently proposed.

"The requirements surfaced Wednesday at a six-hour public hearing held in Chicago by the Illinois House Gaming Committee. House lawmakers are under increasing pressure to authorize a casino for Chicago to overcome an impasse in finding funding sources for schools, mass transit and construction projects.

"While the committee's chairman still expressed optimism that a casino deal could be negotiated, a spokesman for House Speaker Michael Madigan (D-Chicago) said the city's demands did little to move things toward that end..."

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