The assessment increases after 10 years, fully phasing out 13 years after the project opens, but can be renewed. The Class 8 designation reduces the property tax assessment level for the property to 10 percent of fair market value, instead of the standard 25 percent of market value at which commercial properties are typically assessed for taxing. Both are tools used to limit the amount of property taxes Wind Creek would pay. The project is set to receive both tax increment financing and a Class 8 property tax designation, according to the Tribune. That includes land acquisition, construction and state licensing fees. When Homewood approved the redevelopment agreement in June, the budget of the project increased to $529 million from $440 million. Wind Creek had previously said the project would be ready by either late 2023 or early 2024. Online casino games remain illegal, as per the latest Illinois gambling laws. The opening of the casino is now scheduled for fall of next year, a later date than officials had previously planned, according to a July report. Latest Illinois Gambling News and Updates. It bought the property for $25 million in May 2022 from Mark and Jon Weglarz, brothers who have been in Chicago-area real estate for decades and operate hotels around the Midway Airport. Bally’s Corporation has announced that the proposed site plan for its Chicago casino was approved by the Chicago Department of Planning and Urban Development on Wednesday, solidifying plans to begin construction on the mixed-use entertainment space in late 2024. Wind Creek operates 10 other gaming resorts across the country.
