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RSSCasino bids fail to meet expectations: More budget problems seen
SPRINGFIELD - The initial bids from companies hoping to develop a 10th casino in Illinois came in well below what the state's budget engineers were planning on.
The bidding process hasn't concluded, but if bids don't rise, the state could be facing yet another hole in its already shaky budget.
The seven groups bidding for Illinois' 10th casino license made offers ranging from $435 million on the high end to $60 million on the low.
The state budget approved this year banks on the sale of Illinois' 10th casino license bringing in $575 million.
The 10th license has been tied up in court battles for years, and this week, state regulators are touring the proposed sites for the new casino. All seven sites are in the Chicago area.
Soon, the Illinois Gaming Board will narrow the bidders to three finalists. Then the board will negotiate the bids further in a process that could drive price of the license up.
"That's possible," Gaming Board attorney Michael Fries said.
Fries said the license wouldn't necessarily go to the highest bidder but will be chosen on a variety of factors.
To reach $575 million, the highest proposal so far would have to increase by more than 30 percent. A spokeswoman for Gov. Rod Blagojevich said Tuesday that the administration isn't changing its budget plans based on the current casino numbers.
"At this point, we will wait to see what the final price is before making any new budget projections," Katie Ridgway said.
The license could be awarded by the end of the year, Fries said.
mike.riopell@lee.net|789-0865
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