The temporary Bally’s casino in River North’s Medinah Temple brought in just over $3 million in tax revenue last year. That’s almost $10 million short of what former Mayor Lori Lightfoot’s administration projected.
Economy
Archer Daniels Midland Co. said it’s working with outside counsel and the audit committee of the company board to complete an investigation of accounting practices within its nutrition business and it pulled guidance for the unit.
The S&P 500, which is the main measure that professional investors use to gauge Wall Street’s health, rallied 1.2% to 4,839.81. It erased the last of its losses since setting its prior record of 4,796.56 at the start of 2022.
The 44,000-square-foot, $42 million facility will be dedicated to chocolate and nut testing and research, according to a company press release.
The proposed change by the Consumer Financial Protection Bureau would potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks, which were gearing up for a battle even before Wednesday’s announcement.
Friday’s government report showed that December’s job gain exceeded the 173,000 that were added in November. The unemployment rate was unchanged at 3.7% — the 23rd straight month that joblessness has come in below 4%.
After two years of above-average gas prices, next year is expected to bring relief at the pump for drivers, according to GasBuddy’s annual fuel price outlook report released Thursday.
There was some good news this year. According to Mastercard Spending Pulse, retail shopping was up about 3% this holiday season compared to last year.
The extended hours come after more than three months since the temporary casino’s grand opening. The hours at the casino were originally from 8 a.m. to 4 a.m.
Some downtown businesses are seeing a slight dip in the average amount spent per transaction during this holiday season, indicating consumers might be more sensitive to prices due to factors like record high credit card debt and interest rates, according to the Chicago Loop Alliance.
U.S. Customs and Border Protection this week suspended international rail traffic at two Texas crossings “in order to redirect personnel to assist the U.S. Border Patrol with taking migrants into custody” as the agency strains to keep up with a surge of migrants at the United States’ southwestern border.
Friday’s report from the Commerce Department showed that U.S. consumer prices slid 0.1% last month from October and rose 2.6% from November 2022. The month-over-month drop was the largest since April 2020 when the economy was reeling from the COVID-19 pandemic.
Remote working. A four-day workweek. Quiet quitting. A resurgent labor movement. These are just a few of the changes workers and employers have been grappling with over the last few years.
Pollsters and economists say there has never been as wide a gap between the underlying health of the economy and public perception. The divergence could be a decisive factor in whether the Democrat secures a second term next year.
Ahead of a day-long event for investors, the Chicago burger giant said Wednesday that it aims to have 50,000 restaurants in operation worldwide by the end of 2027. McDonald’s had 40,275 restaurants at the start of this year.
Much of the country was back at work Monday after the long holiday weekend. But along with whatever else they were doing at their job, there’s a good chance they were doing something else ... shopping.
