Some of the biggest players in the gambling world are going to be asked to ante up hundreds of millions of dollars for the opportunity to buy the Illinois casino license that almost belonged to Rosemont.

The 10th casino license - once the subject of multiple lawsuits, accusations of organized crime involvement and claims of political tampering - is going to be “reissued.”

The Illinois Gaming Board has called a special session for Wednesday at which Credit Suisse Securities LLC, hired by the state to handle the new bidding process, will announce its schedule for vetting those seeking to enter this high-stakes game.

Country Club Hills Mayor Dwight Welch immediately announced that his city will be a player at the table. Welch said he has two internationally known casino companies willing to build a casino in the city near Interstates 80 and 57.

“The staff of the Illinois Gaming Board selected us as one of the finalists during the last bidding process on the license, and the gaming board removed us for reasons that have since become apparent to everybody,” Welch said, referring to backroom political deals that handed the license to Rosemont.

“Our bid this time is going to be much higher. It was around $275 million last time. I think the state is looking for $400 million to $500 million for that license, and I feel we’ll be able to compete in that range.

“In addition, we’ll be able to meet all of the strict requirements the state is going to set down,” Welch said.

“We’re going to have significant minority participation. We’re going to share our revenues with (those) communities in the south suburbs that are economically disadvantaged. We’re going to have the best bid of anyone out there.”

Welch noted that he was talking to me from the governor’s office in Springfield, where he was preparing to testify before the Legislature on a gaming bill that would create a new casino license in Illinois. Welch is supporting a change in existing law that would allow for land-based casinos instead of limiting them to barges or riverboats.

Summit Mayor Joseph Strzelczyk was as enthusiastic as Welch about attracting the 10th casino license to his suburb, which is just south of the Stevenson Expressway (I-55).

“We pay taxes south of the Stevenson just like anyone else,” Strzelczyk said. “We bleed red. We deserve a casino in the south suburbs.

“I don’t know why every time there’s some new economic development, it has to be in the northern suburbs. It’s our time.”

Strzelczyk said Hyatt Gaming, which operates the Grand Victoria Casino in Elgin, the most profitable in Illinois, is committed to building a Summit casino.

“We can bring in far more money than Country Club Hills. And we’re a much better location than Waukegan or Des Plaines,” the mayor continued, citing two other towns considered likely bidders for what was once known as the Emerald Casino license.

“Waukegan’s problem is the no-smoking thing. That’s a big factor when people go to casinos.

“Gamblers can just go into Wisconsin if they want to smoke. Same thing with Country Club Hills because people would just go to Indiana,” Strzelczyk said.

“We’re located close to Chicago. There’s no easy proximity to a casino with a smoking environment.

“We’re also willing to share 75 percent of our portion of the gaming revenue with economically disadvantaged communities.

“And the state gaming law says that economically depressed areas can get special consideration in the awarding of a casino license.

“Thirteen percent of our population is below the poverty level. Fifty-eight percent is low to moderate income. We’ve got the best site in the state for a casino. Even better than Chicago.”

It remains to be seen whether Rosemont will make another bid or if it will file a lawsuit claiming ownership of the license once the new process gets under way.

Although the timeline for the entire process is expected to be laid out Wednesday, it seems reasonable to me that it could be more than a year before a new casino opens in Illinois.

First, the investment plans have to be examined.

Then the state gaming board has to examine the ownership teams.

And then the construction process would have to begin.

And all of that would take place in an economic environment that is tenuous, even for the casino industry.

But with a limit on the number of casino licenses in Illinois, the winner stands to make a fortune.

As any gambler can tell you, the house always wins.

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