If successful, Harrah's plans to open a 50,000-sf barge on the former site of Lakehurst Mall near Routes 120 and 43, a hotel that could include as many as 500 rooms, as well as four restaurants.

SL Waukegan LLC includes Chicago developer Richard A. Stein and William F. Cellini, who is involved in Argosy Gaming Co.'s two Illinois casinos.

However, the winner in the quest for the state's 10th license, which was revoked by the Illinois Gaming Board, may not be determined until the early hours of Thursday morning. Lawyers at Kirkland & Ellis LLP and investment bankers from Rothschild Inc. will oversee bidding that will allow each of the finalists to come in with final bids.

The final bid then must be approved by US Bankruptcy Court Judge Eugene Wedoff.

All three of the bidders have attempted to sweeten their offers by promising to share casino revenue with neighboring communities. While Isle of Capri is offering to share revenue with 71 communities, SL Waukegan LLC and Harrah's Entertainment is offering 40% of its future tax revenue with Beach Park, North Chicago, Park City, Zion, those cities local school systems as well as Round Lake District 116 to the west.