That followed a pension boost for Chicago firefighters that added $180 million to unfunded liabilities. In November, the Illinois General Assembly passed a 3% annual cost of living raise for all retired Chicago police officers that added between $57 and $96 million to Chicago's pension liabilities.
The police fund is 21.5% funded and the firefighters' fund is 18.8% funded. The police fund comprised $12.73 billion of Chicago's $35.4 billion net pension liability in 2022, and the firefighters' fund accounted for $5.86 billion, according to the city's audited financial reports. That in turn is supposed to lighten the load on the city's corporate fund. The results matter because under state law, tax revenue from the casino goes to fund Chicago's police and firefighter pensions. 'Chicago is surrounded by quality casinos, so why would suburbanites drive in to play at a cramped temporary casino when they can enjoy what they're familiar with?' 'I believe the results haven't met expectations because the expectations were over the top,' said Roger Gros, publisher of Global Gaming Business magazine.
