Illinois Gaming Board: Des Plaines casino developer 'suitable'
After a yearlong investigation into the dealings of Midwest Gaming & Entertainment, state gambling regulators have found the group and its partners "suitable" for an ownership license for the proposed casino in Des Plaines.
It means the Chicago developer can now move forward with casino construction as planned in March, provided the city council approves final plans this month.
Midwest Gaming & Entertainment originally won the state's 10th and final casino license in 2008, edging out competitors Rosemont and Waukegan.
Following that, the state's suitability investigation delved into the various ownership entities associated with Midwest Gaming, the group's business practices and finances. Illinois Gaming Board regulators will review Midwest Gaming's financing for the casino project, as well as construction plans at a future meeting, officials said.
"We're very happy that the Illinois Gaming Board found our group suitable and we are looking forward to starting construction as quickly as possible," said Greg Carlin, CEO of Midwest Gaming.
The 140,000-square-foot casino is targeted for about 20 acres fronting the Tri-State Tollway at the northwest corner of Devon Avenue and Des Plaines River Road. It was first proposed at that site in 2002.
The Des Plaines Plan Commission already has given its blessing to preliminary site plans for the new casino.
The first phase of construction calls for approximately 45,000 square feet of gambling space within a single-level casino with 1,200 gambling positions, and a second-story skywalk connecting to a four-story parking garage with 1,242 spaces.
About 30,000 square feet of restaurants and bars and an additional 773 surface parking spaces also are planned in the first phase of development.
Carlin said the group is working to secure a construction loan for the project. He added the group will put up enough equity to cover one third of the estimated $450 million project cost for phase one of construction.
"We are hoping to have the financing done in March and hope the construction will start in March," Carlin said. "We have not identified the general contractor. We are finalizing those details probably next week."
The city council on Tuesday will consider creating a special zoning district for the casino project to allow exemptions to current zoning code. The developer hopes to install a large LED screen - originally proposed to be 40 feet by 40 feet wide - on the portion of the casino facing the Tri-State Tollway to attract clients.
The casino is expected to open in late summer or early fall next year.