Holy fuck that's a terrible deal they offered on the $250 shares! Made up billion-dollar valuation aside, an 11% interest rate on a $24,750 loan means that it's never going to pay for itself and start producing a return for the owner, even at casino-level profits.
Bally's built a temporary casino in Chicago while the official one is getting funded up and built. Because, you know, you can't let that gaming license just sit there and do nothing.
Sadly the temporary casino is only taking about 60% of projected revenue so far.
Bally blames the location and lack of parking and yadda yadda yadda, but Illinoisans are just saturated with gambling options right now. The suburban casinos, the Indiana casinos, Wisconsin first-nations Bingo, Illinois Lotto, the multi-state lotteries, home-rule gaming in restaurants and bars, online sports betting...we still have horse racing here for crying out loud. And, oh yeah, weed is legal here.
One thing I noticed when I was last in Illinois is the absolutely amazing amount of slots "parlors". You can get a beer or something and they have 2 or 3 slot machines.
They're everywhere. Like one out of every 10 businesses if I had to make up a number. And almost every gas station, bar, or restaurant has slot machines in them.
1) The slots in bars and restaurants are a legitimization of the old video poker machines that the mob used to place in establishments. Can't beat 'em? Join 'em.
That said, every town has the choice to allow them or not. They tend to fall like dominos when they see the revenue. I just saw a restaurant owner on Reddit say he made $100K profit last year, and the location's share is typically a third of the handle.
2) We're taxed so heavily on nearly everything it becomes incredibly easy to pitch additional gaming forms as "see, this will help fund schools!" or whatever cause is up next. Except we're gullible, never realizing that Lotto proceeds replace budgeted educational funds and not supplement them.
And since they’re only allowed in certain municipalities (not Chicago, though you’ll see them around), you can sometimes drive down a road and see one side just lined with depressing slot machine parlors with names like Bob’s Lounge or Susie’s Cafe.
That side is usually a poorer town that needs the revenue from the town on the other side, where the money is.
I’m not sure why, but in my experience while those establishments nominally serve beer, liquor, coffee, soft drinks, and sometimes food, and are perfectly legal and open to the public, they do not seem at all welcoming to random people popping in who aren’t there to gamble. Or maybe they just don’t like my vibe.
Perhaps some differ, but it’s a very different feeling than states like Louisiana or Nevada where lots of bars have gambling machines that are ignored by the majority of customers.
It’s a shame, because I’m sure they’re crowding out other businesses, including regular bars and cafes that would serve a broader audience.
So I guess the German strain of liberalism in Chicago and Milwaukee (cf. Altgeld) is New England now? Come on. That would be like if I call everything Assamese as Bengali
