Suddenly Chicago Theatre Is Turning Heads

The historic Chicago Theatre has lost money for years. It’s a cash guzzler. And yet, after its most recent failure, suddenly there are groups clamoring to take it over. What’s changed? “The Chicago Theatre has suddenly proved so attractive for one major reason. Even though the previous owners of the theater defaulted on a $21 million loan from the city of Chicago, the city has decided to write off the debt that drove the previous owners into default. Thus the new owner gets the theater free and clear, and will, in effect, be handed a $21 million gift from Chicago taxpayers.”