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Illinois License Battle Takes Next Step

ILLINOIS –As reported by the Chicago Tribune: "The drawn-out battle for the last casino license in Illinois takes a huge step toward a conclusion Wednesday when the final bidders compete in a high-stakes auction, where the only sure bet is that the cash-strapped state will emerge a winner.

"Bidding starts at $375 million, the high proposal submitted by Harrah's Entertainment and S-L Partners in Waukegan. Midwest Gaming & Entertainment in Des Plaines and Isle of Capri Casinos in Rosemont, along with Harrah's, will take turns offering millions more to win the lucrative license.

"But making money for the state is not the only consideration for the Illinois Gaming Board, which by law must consider the casino's abilities to spur economic development and tourism.

"…Each of the three bidders, chosen by the board last month from a field of seven, has sweetened its deal with promises to share millions of dollars with down-and-out communities, fund charities and scholarships, generate thousands of jobs, invest heavily in the local economy, lure out-of-town gamblers to Illinois, and send hundreds of millions in taxes to Springfield.

"…On Wednesday, representatives of the three finalists will gather at 9:30 a.m. at a downtown Chicago law firm to bid for Emerald's license. The auction is to be conducted by New York-based international investment banking firm Rothschild Inc., under the auspices of a federal bankruptcy court order.

"In addition to the Gaming Board, U.S. Bankruptcy Court Judge Eugene Wedoff must approve the sale under a plan negotiated by state Atty. Gen. Lisa Madigan…"

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