$529M Chicago Casino Secures Financing, Construction to Speed Up
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The substantial project of a $529 million casino complex in the southern suburbs of Chicago has achieved a momentous milestone with the obtaining of $290 million in financing, to expedite the ongoing construction efforts.
Wind Creek Hospitality, a gaming and hospitality division of the Alabama-based federally recognized Native American tribe called the Poarch Band of Creek Indians, is at the helm of this grand endeavor. The endeavor comprises the construction of a casino and a 252-room hotel. Upon completion, the casino is expected to sprawl across 73,000 square feet, hosting 1,350 slot machines and 56 table games within its expanse. Additionally, the project will consist of a 75,000-square-foot entertainment venue and a dining area. The development space is jointly shared by the towns of Homewood and East Hazel Crest and comprises a total of 24 acres.
The multi-million-dollar loan was issued by the PCI Gaming Authority. Wind Creek is an affiliate of this entity, which also represents the Poarch Band of Creek Indians. Wind Creek acquired the land for the project at $25 million from Mark and Jon Weglarz in May 2022, seasoned real estate figures with extensive hotel operation experience around the Midway Airport.
The planned opening of the casino is expected in the fall of next year, according to the latest reports. The project had initially been scheduled for completion in late 2023 or early 2024. Following the approval of the redevelopment agreement by Homewood in June, the project budget saw an increment from $440 million to $529 million, encompassing land acquisition, construction, and state licensing fees.
Wind Creek envisages the casino generating a net revenue of $155 million in its first year and $201 million by its seventh year. The project will secure both the tax increment financing and a Class 8 property tax designation to minimize the property taxes payable by Wind Creek.
The news about the Wind Creek Chicago Southland Casino comes amid considerable excitement in the northern Illinois region with the impending development of two additional casinos, sparked off by the 2019 law that permitted six new casino licenses.
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