The Wind Creek casino project, which has been delayed by 18 months, now seems poised to move forward after its sponsor Wind Creek Hospitality successfully obtains a loan to fund construction. The project, which is 20 miles south of Chicago, was officially launched over a year ago but has since had delays.
New Financing for Wind Creek Chicago Southland Casino
The Wind Creek Chicago Southland Casino will have 73,000 square feet of gaming space when it debuts in January 2025. This casino will now be a part of Illinois’ expanding gambling landscape. The Poarch Band of Creek Indians tribe, which also owns the developer, has agreed to loan the project $290 million through PCI Gaming Authority, which is controlled by the tribe.
From an early estimate of $440 million, the overall project cost has grown to $529 million. The casino will include 1,350 slot machines and 56 table games, while the hotel will have 252 rooms in addition to restaurants and entertainment venues. A 75,000-square-foot event center, a full-service spa, a parking garage, and an indoor pool area are all part of the project. Plans are also in place for Ravisloe Country Club and a prospective golf club cooperation.
When it opens, the Wind Creek Casino project will offer job possibilities for the neighborhood, focusing especially on members of the LGBTQ and minority populations. Additionally, the Southland Public Benefit Fund was formed to provide students in need with $150,000 in yearly tuition aid. Within the first year of operation, the hotel-casino intends to give $1 million annually to neighborhood services and initiatives.
The project is anticipated to earn $155 million in income in its first year, rising to more than $200 million yearly by the seventh year. The project will now be completed in early 2025 instead of late 2023 as originally planned. 2022 saw the selection of the project’s 24 acre site in the Chicago neighborhoods of Homewood and East Hazel Crest. A redevelopment agreement between East Hazel Crest and Homewood resulted in delays for the project. almost 600 jobs are expected to be created during the hotel-casino’s development alone, and there will be almost 800 permanent employment available after it opens. State Senator Napoleon B. Harris III commended the area’s accessibility and predicted that it will be able to draw tourists from outside the state and increase income.
The post Wind Creek Casino Project Moves Forward with New Funding appeared first on iGaming.org.