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A very Chicago gamble
Chicago and Bally's have teamed up in an investment offering.
They must have concluded that no future Department of Justice Civil Rights Division, not even in an administration elected after the Host Community Agreement had been inked, would descend upon this official act like the hammer of an avenging god. And this partially explains why Chicago is holding a roadshow in African American churches attempting to convince participants to invest in a mezzanine-y equity slice of a casino at a $1 billion valuation, perhaps at 100X leverage. Although the matter is not free from doubt, we intend to take the position, and this discussion assumes, that U.S. Holders of applicable series of Class A Interests would not be treated as receiving a deemed distribution from us or otherwise realizing income as a result of repayment of the Subordinated Loans corresponding to such shares.
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