CHICAGO-If President Obama doesn't have enough problems, a study commissioned by Mayor Rahm Emanuel states that a casino anchoring a 48-acre parcel that includes the former Michael Reese Hospital property would generate more revenue for the city than a Barack Obama presidential library.
The study led by architectural firm Skidmore, Owings & Merrill of Chicago also found that the casino was more economically viable than a group of convention hotels at the property, according to the Chicago Tribune.
The report states that a casino development would generate $208 million in net proceeds for the city while an Obama library would cost the city $142 million and a hotel complex would cost the city $199 million.
“The casino and entertainment district scheme provides positive proceeds to the city, while the presidential library and hotel complex schemes require city investment,” the study states.
The city acquired the property in 2009 under then Mayor Richard Daley for $91 million.
Tom Alexander, a spokesman for Chicago Mayor Emanuel said of the Michael Reese Hospital site study, "The report shows the value that a major facility could have on that site as a catalyst for the city's economy. But we intend to explore every available option for this property that we hope will provide significant economic development opportunity for the Near South Side." See story in the Chicago Tribune.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.