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Suburban Chicago gaming complex slated to open in fall 2011
Work is slated to start later this month on a new casino in Des Plaines, Ill., now that developer Midwest Gaming & Entertainment LLC has successfully closed on $295 million in aggregate debt financing and invested $150 million in equity in the project. Midwest Gaming has also completed purchasing of the land that will house the casino/entertainment complex, clearing the way for construction to begin on the $445 million development. The casino is anticipated to open in fall 2011.
“This closing is the culmination of years of hard work,” said Neil Bluhm, Midwest Gaming's chairman. “Now we will begin building a showplace that we believe will create tremendous revenues for the state and local governments, put people to work and generate tourism.”
The Illinois Gaming Board recently approved Midwest Gaming's financing package and construction plans. As part of the closing, Midwest Gaming paid $47.5 million as a down payment on the 10th Illinois casino license. Another $75 million is required to be paid when the casino opens for business.
The as-yet-unnamed casino is to be located on a 20-acre site adjacent to the Tri-State Tollway (Interstate 294) at Devon Avenue and Des Plaines River Road. The complex will feature a 43,000-square-foot casino and several restaurants and bars. Serving as the project's architect is Las Vegas-based Klai Juba Architects, while the casino interior is being created by Cleo Design of Las Vegas and the food-and-beverage architect/designer is Chicago-based DMAC Architecture.
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