Summary
- The casino will move to Farnsworth Avenue near the Chicago Premium Outlets.
- Officials will add a hotel and event space to the property.
- The $360 million deal is being protested by some don’t want to see millionaires profiting from gambling.
During a recent Aurora City Council meeting, officials decided to vote on the expansion and relocation of the Illnois Hollywood Casino.
The vote was unanimous in favor of the casino’s request, with the venue moving to the east side where the Chicago Premium Outlets are located. The resort will offer casino gaming plus a hotel with 200 guest rooms and an event space.
Huge Undertaking for The Casino
The deal cut between the city and the casino is huge. A total of $360 million will be spent on the move and changes. This amount includes a $50 million bond issuance from Aurora. The amount will be repaid from increased property taxes on the new casino site. Many residents were fearful that the money would come from taxpayers via the general fund.
With the approval, the city now plans to transfer the ownership of the potential site to Penn Entertainment. The company is the owner and operator behind the Hollywood Casino. In exchange, the downtown property will be handed off to the city along with the associated parking garage.
The deal also allows Penn National to purchase land that is currently being used by the C-Club and Gaslite Manor Banquets. As far as the new casino is concerned, construction will begin on October 18.
Protestors Continue The Fight Against the Move
The process to move the Hollywood Casino to a new location and expand has been ongoing for a while now. In previous meetings, there were individuals on hand who spoke disapprovingly of the plans and that continued in this week’s meeting.
Before the City Council vote, protestors began speaking out against the project, stating that no more money should be provided to millionaires. Police ended up having to remove these individuals from the meeting so the vote could continue.
Aurora Grassroots Alliance has spearheaded the fight against the casino relocation, specifically the $50 million bond to investors. Signatures were collected on the matter and presented during the meeting to show how locals are not pleased with the process.
The city pointed out that while the bond was issued, Penn Entertainment had agreed to invest as much as $300 million into the new casino property and give its old property to the city, plus the parking garages. The bond would also be paid back over time via land taxes of the new casino.
Penn Entertainment feels the deal will be good for business and strengthen the local economy. Opponents of the deal feel that it does not benefit taxpayers.
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