Rahm Emanuel is making what could be his last push as a mayor to bring a casino to the Windy City and secure new tax revenue
Chicago’s outgoing mayor Rahm Emanuel will reportedly make a push for the legalization of recreational marijuana and the opening of a casino in Chicago as much-needed revenue sources for the city’s pension system.
According to sources close to the official, he will address the state Legislature today to propose the above measures. The city’s four public worker pension funds are estimated to have over $27 billion in unfunded liabilities. It is believed that Mayor Emanuel would call in his major address today for all tax proceeds from the legalization of marijuana and the opening of a casino in the city to go to Chicago’s pension funds.
As seen in excerpts, the official is planning to say that contributions just need to be made to the city’s pension system and that there are no if’s, and’s or but’s about it.
It is also understood that while the mayor does not think marijuana and casino tax revenue would be a “silver bullet” in the troubled city budget, he believes that revenue could still bolster Chicago’s finances significantly.
According to projections, the nation’s third largest city will need an additional $276 million by 2020 and an additional of $310 million by 2022 to cover its four funds.
Long-Time Proponent of Casino Expansion
Mayor Emanuel has long been pressing for the addition of a casino in Chicago. He is now making what could be his last push as a mayor of the Windy City. The opening of new gambling venues around Illinois, including one such venue in Chicago, has been a broadly discussed topic for years now.
Lawmakers have introduced multiple casino expansion measures as part of larger gambling expansion bills multiple times. All the legislative pieces aimed to create new sources of revenue for Illinois’ ailing budget. However, none of the bills introduced over the years have managed to gain enough traction in the state’s Legislature.
Most recently, a sweeping gambling reform was proposed this past spring. Sponsored by Rep. Bob Rita, the bill called for the authorization of up to six new casinos around the state, including one in Chicago, expansion of existing riverboat casinos, increasing winnings on video gaming, and addition of slot machines at horse racing tracks. Under the piece, tax revenue from the Chicago casino would have been contributed to the city’s police and fire pension funds.
The bill could not advance in the Legislature and it saw some criticism from Mayor Emanuel. Although gambling expansion has been something the Mayor has been pressing for for a while now, he did not like the bill in its original form and reportedly said that if there was a casino in Chicago, it should be operated under a different tax and revenue-sharing structure where more money came back to the local government.
Mayor Emanuel’s latest push for legalized marijuana and a casino in Chicago could gain support from Governor-elect J.B. Pritzker. During his campaign, the state’s top official spoke in favor of both the legalization of marijuana and expanded gambling, including new casinos and sports betting.
Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories.
