Applications to purchase Illinois’ long-dormant 10th casino license will be available beginning Friday with a goal of choosing a buyer for the license by the end of the year, the state Gaming Board said Wednesday.
The board intends to select three finalists for the license in late September or early October and then spend the remainder of the fall interviewing the candidates and evaluating their proposals.
Investment bank Credit Suisse will manage the sale process and offer advice to the board about the applicants. Credit Suisse’ casino industry bankers predicted a robust competition for the license, despite the dismal financial condition of the U.S. casino industry.
The 10th license, which has been inactive for a decade, is currently the only option for additional gambling in the state after legislation authorizing an ambitious gambling expansion failed in the state General Assembly this spring.
Dispatches from Chicago's south side.
Wednesday, July 16, 2008
10th casino license bidding process starts Friday
From Crain's:
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