If you can't get out of Illinois, do the second best thing, Get the Hell Out of Chicago.
By the way, Chicago is not "headed" for insolvency, it's already there, but it is just not recognized yet.
https://www.courant.com/ct-cb-chicago-casino-20191130-hrflyoppvjfnzd6vuhnkqlrice-story.htmlAfter years of pushing a Las Vegas-style casino to boost tourism and much-needed revenue, Chicago’s leaders seemingly hit the jackpot when Illinois lawmakers approved one as part of a massive gambling expansion.
But obstacles remain before anyone can place any bets. The city must convince state lawmakers to vote on a plan that officials say makes the casino more profitable as well as choose a location, which already has sparked disputes.
Here’s a look at the issues ahead:
Chicago would use profits to pay down pension debt.
Revenue estimates vary. State experts agree the Chicago casino will easily outperform Illinois’ highest-grossing casino, Rivers Casinos in the suburb of Des Plaines, which generated $440 million last year with its 1,200 gambling positions. The feasibility study said one site at a former hospital could gross over $950 million by year five.
But there’s a big hitch.
The same feasibility study said the “onerous ” tax and fee structure in the gambling law — the highest nationwide — would make a Chicago casino “not financially feasible.” The effective tax rate could be up to 72%, including a 33% tax on gross casino receipts that Chicago would use for police and fire pensions. The one-third rate, which applies to Chicago and not the other casinos, was written into the plan after lawmakers rejected the idea of a city-owned casino.
The study concluded any casino operator’s revenue would “likely equate to a few pennies on the dollar.”