Gaming Board stamps Des Plaines casino plans

The Illinois Gaming Board Tuesday unanimously approved the financing structure and construction plans for the Des Plaines casino to be located at Devon Avenue and River Road.

Midwest Gaming and Entertainment Chief Executive Officer Greg Carlin said it would be financing $110 million in loans on a first lien and $175 million in bonds on a second lien on the casino, with the bonds to be sold next week. The firm then would begin construction of the casino and parking lot at River and Devon, with a groundbreaking ceremony tentatively set for April 16 and completion Sept. 1, 2011.

Upon sale of the bonds, Midwest will deliver $47.5 million to the board, with Gaming Board member Charles Gardner saying he was "very excited" to get the state's 10th casino license back in action.

"It'll be a good day for Illinois (when the casino opens)," Gardner said.

At its meeting in downtown Chicago, the Gaming Board, however, also informed MGM Mirage that it would be opening a formal investigation into MGM's half-ownership of the Grand Victoria Casino in Elgin. MGM Mirage recently raised eyebrows in the gaming industry when it announced it would be pulling out of Atlantic City over its partnership with Pansy Ho on a casino in Macau, China. Ho is the daughter of Stanley Ho, who has been accused of having ties to the Chinese mob.