Reality has intruded on plans for esports gaming centers in and near Chicago's downtown, including a $30M pitch on Wabash Avenue near McCormick Place.
Analysts in published reports say venture capitalists have grown skeptical of funding revenue growth without profits and the crypto crash wiped out a source of capital. Esports events generally don't command a high ticket price and merchandise sales are said to be disappointing. Greenberg said there one day may be a market for congregate gaming, "but it's probably not on the scale I was talking about.
The other esports project that's stymied came to light recently with the city's announcement of a plan to invigorate the La Salle Street district. At 400 S. La Salle is a chunky building that was the trading floor of the Chicago Board Options Exchange. A nonprofit partnership led by Urban Resolve asked for city incentives to convert the space into an esports venue for scholastic purposes, with student housing above it.
Urban Resolve's managing director is Erin Lavin Cabonargi, who formerly worked for Sterling Bay and ex-Mayors Richard M. Daley and Rahm Emanuel. The plan's premise was that universities would collaborate on a gaming center as a teaching tool. A spokeswoman for options exchange owner Cboe Global Markets said it plans to sell the building but hasn't listed it yet and was unaware of any proposal from Urban Resolve.
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