Aurora City Council Finance Commitee advances plan for relocation of Hollywood Casino
AURORA, Ill. (CBS) – The Aurora City Council Finance Committee voted unanimously Thursday to advance a relocation plan for the Hollywood Casino.
All five members of the committee voted to go ahead with the relocation plan. The next step is a presentation to all 12 members at a City Council Committee of the Whole Meeting on Tuesday, Oct. 18.
A final vote will be held at the City Council meeting on Tuesday, Oct. 25.
Under the proposal, the Hollywood Casino Aurora would move from its current location on the Fox River downtown – where it has been located since it opened in 1993 – to a site closer to the Ronald Reagan Memorial Tollway (I-88), across from the Chicago Premium Outlets Mall.
The city-owned site on Farnsworth Avenue was most recently occupied by two hotels and a car dealership. Owner PENN Entertainment would take over ownership of that site in a swap for the current casino property – which the City of Aurora would take over.
The plan calls for the old casino to be torn down and the site to be made ready for development. The City of Aurora would also take ownership of the casino barking garage.
PENN Entertainment would also take over land immediately west of the Farnsworth Avenue site, which is currently occupied by the C-Club and Gaslite Manor Banquets. These businesses both face Church Road.
The $360 million plan includes a $50 million bond issuance by the city, which would be repaid not from general taxpayer funds, but from increased property taxes received from the new site. If property taxes are not enough to cover payment in a given year, PENN said it would make up the difference, the city said.
The proposed new casino would have 900 slot machines, 50 table games, a sportsbook, spa. bars, and restaurants in addition to a 200-room hotel.
If the full City Council approves the plan, construction would start late next year. The plan would bring nearly 1,000 construction jobs and 700 permanent jobs.
A new casino is also planned to replace the Hollywood Casino Joliet. The plan there calls for a casino in the Rock Run Crossings mixed use development near the I-80/I-55 interchange.
The full presentation to the Finance Commitee can be seen here, beginning at 22:00.