Selection of the preferred bidder for a new casino in Chicago, Bali
Vallis Corporation, a global gaming, hospitality and entertainment company with a portfolio of casinos and resorts, and online gaming businesses, today announced that the City of Chicago has selected Vallis Chicago, a $1.7 billion destination casino, entertainment, and hotel project, as its preferred bidder during the City's Request for Proposal (RFP) to build and operate a global casino resort in downtown Chicago. Vallis has worked with city officials and community leaders throughout the RFP process to develop projects that integrate a vibrant cultural scene and a highly diversified economy to accept Chicago as a global gateway city.
As evidenced by the city's valuation report, Chicago in Bali provides the most economic value to Chicago and its taxpayers, including a $40 million advance payment to the city and a total of $4 million in annual payments. The project is expected to generate a stable gaming income of more than $800 million per year, a significant portion of which will support Chicago's obligations to the city's fire and police union pensions. In addition, Chicago in Bali will create over 3,000 construction jobs and 3,000 permanent jobs per year upon completion of the project. Bali has the financial resources to complete the project, and it will not require additional equity financing to fulfill its obligations.
Adopting the theme "The Best of Chicago," Bali's Chicago proposal focuses on the most community-focused proposal submitted. Bali's Chicago feature is its innovative community investment program, which holds 25% of Bali's Chicago stake, with matched financing allowing hundreds of local and underrepresented investor communities to own a portion of "The Best of Chicago."
In addition, with a community-first approach, Bali's Chicago is committed to harnessing the diverse capabilities of its Chicago-based partners, including Chicago Community Builders Collective, a minority-led construction management company, to complete the project. To further support valued project partners, Bali's Chicago also plans to implement programs that encourage players and guests to support local businesses, promote career opportunities within Bali's Chicago, and support local charities. Bali's Chicago will also open additional opportunities for leading restaurant owners, retailers, and designers from Chicago to work with Bali's Chicago and reflect the best of the second city.
Demonstrating Bally's commitment to the Chicago community, he has entered into a neutrality agreement with the Chicago Labor Union (CFL) to ensure a high paying role for organized labor organizations in Chicago in running Bally's Chicago. Already licensed by the Illinois Gaming Board (IGB), Bally will work collaboratively and quickly with the IGB to obtain an operating license in Chicago. 슬롯사이트 추천
Su Kim, Bali's board chairman, said, "We would like to thank Mayor Lightfoot and her office for moving forward with the challenging but fair RFP process, and for selecting Bali's Chicago as the preferred bidder for the city casino. Our vision is for Bali's Chicago to belong to the people, the people, and the people of Chicago. Chicago is a unique and vibrant city, a global gaming and entertainment destination that deserves to drive the local economy, support the local workforce, create multigenerational wealth for minority investors, and showcase the best Chicago has to offer. We look forward to continuing to work with the City Council and various city departments, the CFL, the Illinois Game Commission, and our valued community partners on this exciting effort."