The Chicago City Council approved a casino development in the River West neighborhood. The generated revenue will exclusively pay for pension debt, but only an estimated 9% of what the city needs.
Aldermen are worried sports betting taxes will yield chump change while damaging the prospects for new casinos in Chicago. They are calling for a delay in the action.
Chicago is getting closer to getting a casino, but more ways and places to gamble do not necessarily mean more state revenue. Illinois would be better off betting on pension reform.
Gov. J.B. Pritzker and Illinois lawmakers agree that when taxes are too high, not even a casino in the heart of Chicago can make money.