The state of Kansas learned the hard way that sometimes it is better to make your mind up sooner rather than later. They delayed their decision in picking developers for their four new state owned casino, and in the end it cost them dearly.
The Illinois Gaming Board decided on Tuesday that they will follow the lead of Kansas. They have delayed a decision on which of the three finalists would get the new casino license.
The reason for the delay was because the Board wanted to further review the three finalists. It is a similar strategy to the one that was used by Kansas, and in the end that ended up costing Kansas.
The Kansas Lottery put off their decisions for months, and when the time finally came that they awarded the contracts to developers, three of the developers pulled out of their deals. They claimed the economy had gotten to bad for them to build the casinos.
Illinois may be thinking that the worst of the economy is upon them, so delaying may not have as big of a risk. They still plan on naming the license winner by the end of the year, but they gave no indication on when the exact time would come.
Rosemont has the highest bid in of the three finalists, at $435 million. Des Plaines is the low offer at $200 million, and Waukegan is in the middle. Still, more than the dollars, the Board wants to be sure the winning bid can come through. That is something Kansas had to learn the hard way.
The next meeting for the board is scheduled for January 13th. In order for them to fulfill their projected time frame, they would have to call a separate meeting before the end of the year.