Politics & Government
Aurora Considers $58M Bond Issue For New Hollywood Casino: Report
The bond issue would give the city enough money to make the first-year bond payments while the casino is being built, according to a report.
AURORA, IL — Aurora is considering a $58 million bond issue for the new Hollywood Casino development on Farnsworth Avenue, according to reports from the Chicago Tribune.
The reason for the bond issue is so the city will have enough to make the first-year bond payments while the casino is being built. The money its the payment to Penn Entertainment won't exist until the city sells the bonds, according to the Tribune.
An ordinance is on the agenda for the Feb. 13 Aurora City Council meeting following the City Council Finance Committee's unanimous approval of a parameters ordinance.
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The new casino at Farnsworth Avenue and Bilter Road will replace the current riverboat casino on the Fox River in downtown Aurora. The grounds will have state-of-the-art gaming, a four-star hotel, a full-service spa, gourmet restaurants and bars as well as meeting and event space. The developer broke ground on the $360 million project at the end of November.
RELATED: Aurora, Batavia Schools Agree On TIF For New Hollywood Casino
Find out what's happening in Aurorafor free with the latest updates from Patch.
The city and Penn Entertainment struck a deal in 2022 in which the city donates the property and $50 million to the casino, which would then be paid back.
Construction on the casino and resort is anticipated to take about 24 months, Patch reported.
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