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Construction on a south suburban casino continues June 28, 2023, in East Hazel Crest. (Mike Nolan/Daily Southtown)
The opening of a south suburban casino is scheduled for fall of next year, months later than officials had previously estimated, according to redevelopment agreements approved by two south suburbs.
Wind Creek Hospitality is building the casino and hotel southwest of the interchange of Interstate 80 and Halsted Street, with the 73,000-square-foot casino on property within East Hazel Crest and parking garages on adjacent land in Homewood.
Wind Creek estimated last summer the casino would be ready for customers by later this year or early 2024, but redevelopment agreements approved by both suburbs — East Hazel Crest in May and Homewood on June 27 — give an estimated project completion date of Jan. 1, 2025.
Those agreements also indicate the casino will be finished by sometime in fall of 2024, but pinpointing when in the fall is anybody’s guess. A representative for Wind Creek stated the opening is slated for next year, but would not give a more definitive timeline.
Construction got underway last September, months after Illinois gaming officials gave the green light to the project. The project includes a 75,000-square-foot entertainment venue and 252-room hotel.
The redevelopment agreements note the anticipated completion date of Jan. 1, 2025 is approximate, and may be extended or delayed by the developer.
A budget of the project attached to the redevelopment agreement puts the total project at $529 million, including land acquisition, construction and sizable license fees Wind Creek will pay to the state to operate the casino.
Wind Creek has said the casino will feature 1,350 slot machines and 56 table games.
Construction on a south suburban casino in East Hazel Crest June 28, 2023. (Mike Nolan/Daily Southtown)
Wind Creek is a subsidiary of PCI Gaming Authority Inc., which manages 10 casinos and other gambling properties on behalf of the Alabama-based Poarch Band of Creek Indians.
The project will create about 600 construction jobs, according to Wind Creek, which in December 2021 won preliminary approval from the state to build and operate the casino.
Once finished, officials estimate the project will create about 800 permanent jobs.
Homewood Mayor Rich Hofeld said the village has been updated on construction plans.
“It’s proceeding on course,” he said Friday. “It would be nice to have it done tomorrow.”
Both his community and East Hazel Crest will share in gambling revenue the casino produces, but that will also be shared with 42 other south suburban communities, under state legislation that made the south suburban casino possible.
The redevelopment agreement also calls for both Homewood and East Hazel Crest to support a resolution to the Cook County Board seeking a tax break for the casino.
Not uncommon for projects in the south suburbs, the Class 8 designation would reduce the property tax assessment level for the property to 10% of fair market value, or the same assessment level for residential properties.
Commercial properties are assessed at 25% of market value.
That would stay in place for 10 years, then increase to 15% of market value in the 11th year, 20% in the 12th year then to 25% after that. The Class 8 designation can be renewed.
The property tax reduction would not kick in until the casino is operating and on the tax rolls.
Construction on a parking garage June 28, 2023, near the south suburban casino in East Hazel Crest. (Mike Nolan/Daily Southtown)
East Hazel Crest and Homewood also have tax increment financing districts in place, where increases in property tax revenue can be used to pay for public improvements.
The budget presented by Wind Creek as part of the redevelopment agreement proposes reimbursement for costs such as land acquisition and site improvements.
That money would be paid out as property tax revenue from the development increases and would take place over about 20 years. The TIF doesn’t commit either community to reimburse those costs from their general revenue funds.
Wind Creek’s budget, for TIF reimbursement, cites $25 million for land acquisition and roughly $27 million for site improvements, such as utility lines and street improvements, all of which would be reimbursable under the redevelopment agreement.
The budget indicates the cost of building the casino will be $90 million, with none of that expense reimbursable from TIF money, and $74 million for the hotel and $23.7 million for the entertainment venue.
The budget also includes $75 million in license fees for the casino, including payments to the state of $48.3 million for slot machines and $11.7 million for table games.
For new casinos opening in Illinois, state gaming laws require an upfront payment of $15 million, plus $30,000 for each gaming position for casinos in Cook County, including the south suburban casino.
Legislation that expanded gambling in Illinois and allowed the south suburban casino limits gaming positions to the Wind Creek casino to 2,000. That includes slot machines and seats and gaming tables.
mnolan@tribpub.com
Copyright © 2023, Chicago Tribune

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