Libertyville resident pitches vague casino plan
A Libertyville resident, who had asked to address the village board regarding economic development, surprised trustees with a suggestion for a casino in town.
Tom Rielly, a 20-year resident and self-described “seed venture capitalist”, told the board during the “items not on the agenda” portion of Tuesday's meeting that he wants to locate a casino in Libertyville
He described the project as a $50 million to $100 million investment, but later acknowledged there was no site selected, property owners involved or other details to share.
“We are bringing gaming to Lake County and by preference, expect to site this facility in Libertyville,” he said Wednesday.
Rielly added his project has a business plan, strategy and a tactical plan, but there is nothing to publicly release.
Whatever may surface is likely to cause a stir.
“Obviously, this is an issue that would cause great controversy in the village,” Mayor Terry Weppler told Rielly at the meeting Tuesday.
He suggested Rielly submit information in writing as background before the board discussed the matter.
“I don't think this is something any of us had contemplated before or have experience in,” Weppler said. “I think we would need to educate ourselves very well before we even had a presentation.”
That there are no casino licenses available is not a deterrent for Rielly, who said he has extensive experience in corporate finance and economic development.
On Wednesday, he said village leaders and residents ultimately will have to decide “if the idea and the business plan we put forward is appropriate and acceptable to them.”
Weppler said there wasn't enough detail to gauge reaction.
“We don't even know what the board's feeling on it is because we have no information whatsoever. You can only do it if you get a license and there are no licenses right now,” he said Wednesday.
Des Plaines received the state's 10th and final casino license in late 2008, and the Rivers Casino opened there last summer. New casinos require legislative approval.
The House and Senate last year approved a gambling plan that would have included a casino in Park City but it never became law. Lawmakers and Gov. Pat Quinn may try again this year to approve a plan that would have five new casinos, including one generally slated for Lake County.
“That involves licensing from the state,” Reilly told the village board. “My view is there will be expanded casino gaming in Illinois and I intend to compete for that.”