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Lottery officials said the Powerball winner elected for the one-time cash option instead of the annuity paid out over 29 years. The $450.5 million lump sum payout was reduced to about $261.5 million after federal and state taxes.
The $1.04 billion jackpot ranked eighth all-time in Powerball history and marked the 15th billion-dollar lottery prize won in the United States. It stands as the second-largest lottery prize ever claimed in Illinois, trailing only the $1.33 billion Mega Millions jackpot won in July 2022.
“A jackpot of this magnitude is an extraordinary event, and we’re excited to see the second-largest lottery prize ever won in Illinois officially claimed,” said Illinois Lottery Director Harold Mays. “It’s exciting to see such a significant Powerball win come to an Illinois player, and we’re pleased to celebrate this milestone with them.”
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Kim said the purpose of convening the call was to “reiterate our deep commitment to Bally’s Chicago” and to address “inaccurate reports” from the press saying that construction had stopped or slowed after the update that was released in early August.
“Construction continues every day, and there are approximately 1,000 skilled tradespeople working on the construction of the permanent Bally’s Chicago resort,” Kim said.
The casino remains on track for an early 2027 opening, Kim asserted, but the company changed how it is “sequencing certain elements of the development”. Kim said that Bally’s was actually “over-delivering” on its commitments to the city and reset the construction timeline to better align with its Host Community Agreement. In addition, he noted that the company would soon be arranging tours of the construction site with investors and shareholders.
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I’d like to thank our leader, Calvin Ayre, for giving me an opportunity to write about the gambling industry, but also for creating a platform that spoke to a different side of the industry, and wasn’t afraid to reveal uncomfortable truths when necessary. I’m excited to see what comes next in his campaign to wake the world up to the power of Bitcoin SV.
Bill Beatty, our Editor-in-Chief, was my guiding light. I learned to think of journalism, the gambling industry, and even life, in whole new ways thanks to him, and I’ll always count on him as one of my mentors.
But I couldn’t have accomplished half of what I did without all of my colleagues, past and present. Our talented team of writers, editors, web site development guys, production team, on screen reporters, Human Resources, Accountants, everyone. It took the whole team to make sure we put up the latest news and opinions every day, and everyone deserves their fair share of the credit.