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Chicago Out of Casino License Race12 July 2002CHICAGO, Illinois—As reported by the Chicago Sun-Times: "Chicago will not enter the heated competition for the casino license being given up by Emerald Casino Inc., Mayor Daley said Thursday, citing a shortage of cash and available land. "Ten years after embracing a plan by three Las Vegas casinos to build a $2 billion casino-entertainment complex in Chicago, Daley said he is convinced that casino gambling is `not the right thing to do' for the city. "…Aldermen William Beavers (7th), Burton Natarus (42nd) and Bernard Stone (50th) argued that casino gambling could create a windfall for Chicago at a time when the city has been forced to lay off 425 employees to erase a $115 million shortfall. "They further maintained that downtown hotels could use a major attraction to fill rooms and that a Chicago casino could stop the stampede to Gary and Hammond boats. "…Pressed on whether he was slamming the door on casino gambling in Chicago, the mayor said, `Yeah. We're not doing anything on it. . . . At this time, we're not looking at it. . . . If you look at it financially, I don't think it's the right thing to do.' "…The casino license became available after a deal was struck last week to give Emerald investors back their original investments. The state then would be free to seek bids from casino operators and interested municipalities. If neither the courts nor Attorney General Jim Ryan intervene, Emerald's license could land anywhere in Illinois…" |