Neil Bluhm | $1B+
Get in touch with Neil Bluhm | Neil Bluhm, real estate developer and casino magnate, built a diversified empire spanning luxury hotels, gaming, and urban real estate through long-term vision and disciplined capital deployment. As cofounder of JMB Realty, he helped shape landmark developments across major U.S. cities before expanding aggressively into gaming as a principal owner of Rush Street Gaming and Rush Street Interactive. Bluhm is also a major civic philanthropist, supporting education, healthcare, and cultural institutions in Chicago and beyond, blending large-scale commercial development with sustained community investment.
Neil Gary Bluhm (born 1938) is an American billionaire real estate developer, casino magnate, philanthropist, and contemporary art collector.[1][2]
Raised in Chicago by a single mother, Bluhm earned a law degree from Northwestern University in 1962 before co-founding JMB Realty Corporation in 1969, which grew into a major player in commercial real estate investments during the late 20th century.[3][4] Following JMB's challenges in the 1990s, Bluhm pivoted to gaming and hospitality, becoming chairman of Rush Street Gaming and co-founding Midwest Gaming & Entertainment, which operates Rivers Casinos in Illinois, Pennsylvania, and New York, alongside ownership of high-profile Chicago properties such as 900 North Michigan Avenue and the Ritz-Carlton Chicago.[1][5] His business ventures have faced regulatory scrutiny, including a $1.65 million fine levied on Rivers Casino Des Plaines in 2016 after an investigation into organized crime associations among subcontractors.[6]
Bluhm's philanthropy emphasizes higher education and healthcare, with transformative gifts to Northwestern University exceeding $100 million, including a $45 million pledge in 2022 to Northwestern Medicine for cardiovascular research and a $25 million endowment for its law school in 2013.[1][7] He has also supported the arts through donations like $1 million to the School of the Art Institute of Chicago in 2015 and amassed a personal collection of postwar and contemporary works valued in the hundreds of millions.[8] Bluhm's influence extends to policy advocacy in gaming regulation, where he has lobbied against expansions favoring competitors like DraftKings and FanDuel, contributing to protracted legal and legislative battles in Illinois.[9]
Early Life and Education
Family Background and Upbringing
Neil Bluhm was born in 1938 to a Jewish family in Chicago, Illinois.[10][11]
His father departed the family when Bluhm was 13, after which his mother raised him and his sister alone while working as a bookkeeper to support the household.[12][13]
The family resided in modest circumstances in an apartment above a drugstore near St. Louis and Lawrence avenues in Chicago's Albany Park neighborhood.[14][15]
Bluhm has characterized his upbringing as that of a poor kid from a single-parent home, emphasizing the financial challenges his mother faced in providing for her children.[15]
Academic and Early Professional Training
Bluhm earned a Bachelor of Science degree in accounting from the University of Illinois at Urbana-Champaign in 1959.[16] Following graduation, he obtained certification as a certified public accountant (CPA).[17] He then pursued legal education, receiving a Juris Doctor degree from Northwestern University School of Law in 1962.[5]
After completing law school, Bluhm joined the Chicago-based firm Mayer, Brown & Platt (now Mayer Brown) as an attorney.[3] He advanced rapidly within the firm, achieving partnership status by age 31.[18] This early legal practice provided foundational training in corporate and real estate law, which later informed his business endeavors, though Bluhm has expressed limited enthusiasm for sustained legal work.[16]
Business Career
Entry into Law and Real Estate
Bluhm earned a J.D. from Northwestern University School of Law in 1962.[19][20] Following graduation, he joined the Chicago law firm Mayer, Brown & Platt as an attorney, where he advanced to partner during a relatively brief tenure.[3][18]
In 1970, Bluhm left legal practice to co-found JMB Realty Corporation with his University of Illinois roommate Judd Malkin, shifting focus to real estate investment and development.[1][3][20] The firm initially targeted syndication of income-producing properties, such as shopping centers and office buildings, leveraging limited partnerships to pool investor capital for acquisitions and developments across the United States.[21] JMB's early strategy emphasized high-yield commercial real estate, which fueled rapid expansion in the 1970s amid favorable market conditions for institutional investments.[22]
Expansion into Investments and Development
Bluhm co-founded JMB Realty Corporation in 1970 with Judd Malkin, initially leveraging syndication strategies to acquire and develop commercial properties, which rapidly expanded the firm's portfolio to include urban shopping centers, malls, office towers, luxury hotels, and mixed-use developments.[3] By the mid-1980s, JMB had grown into one of the largest U.S. property owners and developers, managing assets valued at $26 billion across office buildings, retail malls, apartments, and hotels, with notable projects including Copley Place in Boston, Century City in Los Angeles, and 900 North Michigan Avenue in Chicago, which integrated retail, offices, and a Four Seasons hotel.[23][5]
The early 1990s commercial real estate downturn challenged JMB's syndication model, resulting in substantial losses, such as $340 million in client funds and $85 million in company capital from the 1992 bankruptcy of Randsworth, a U.K. property acquisition financed through Citicorp.[23] Despite these setbacks, market recovery from 1993 enabled strategic repositioning; Bluhm formed Urban Shopping Centers, a real estate investment trust in 1993 with a $950 million market value, holding assets like Chicago's Water Tower Place and the Houston Galleria.[23]
In 1994, Bluhm co-founded Walton Street Capital, a private equity firm specializing in real estate opportunities, where he served as managing principal and personally invested $100 million into its debut $900 million fund launched in 1995 alongside former JMB executives.[23][5] Walton Street pursued value-add investments and developments, including ownership of the Houston Galleria complex (encompassing 1.1 million square feet of offices and 907 hotel rooms), a Four Seasons resort in Scottsdale, Arizona, redevelopment of Chicago's 2.5 million-square-foot former post office, and construction of a speculative office building at 550 Van Buren Street, which achieved near-full occupancy.[23] These efforts diversified Bluhm's holdings into institutional capital management while retaining direct stakes in high-profile Chicago properties such as the Ritz-Carlton Hotel.[1]
Ventures in Gaming and Casinos
Bluhm entered the gaming industry in the late 1980s through a successful bid to develop and operate Fallsview Casino Resort in Niagara Falls, Ontario, partnering with investment banker Greg Carlin. This collaboration resulted in the formation of Falls Management Company, which managed the property—recognized as Canada's most successful casino until its divestiture in 2019.[3]
In the mid-1990s, Bluhm and Carlin co-founded Rush Street Gaming, leveraging Bluhm's real estate expertise to focus on regional casino development and operations across North America. As chairman and founder, Bluhm guided the company's expansion, which included developing six destination casinos, five of which remain under operation: Rivers Casino Des Plaines in the Chicago suburbs (opened July 2011), Rivers Casino Pittsburgh in downtown Pittsburgh (opened August 2009), Rivers Casino Philadelphia (opened September 2010), Rivers Casino & Resort Schenectady in New York's Capital Region (opened October 2017), and Rivers Casino Portsmouth in Virginia (opened January 2023).[24][25][1]
Bluhm also serves as a partner in Midwest Gaming & Entertainment LLC, which holds ownership stakes in key properties like Rivers Casino Des Plaines, contributing to its status as one of Illinois' highest-grossing casinos with substantial slot and table game revenues. Through these ventures, Rush Street Gaming has emphasized urban and suburban locations near major population centers, integrating gaming with hotels, restaurants, and entertainment to drive regional economic impact.[26]
In parallel, Bluhm chairs Rush Street Interactive, established in 2012 as the online gaming arm, which launched digital casino and sportsbook platforms tied to physical operations; the company went public via a reverse merger in 2020, expanding into markets like Pennsylvania, New Jersey, and Illinois.[27][1]
Wealth Accumulation and Holdings
Net Worth Trajectory
Neil Bluhm's net worth has exhibited steady long-term growth since he first entered Forbes billionaire rankings, driven primarily by value appreciation in real estate holdings, private equity returns from Walton Street Capital, and expansions in the gaming sector through Midwest Gaming & Entertainment. In 2006, Forbes estimated his fortune at $1.4 billion, stemming from self-made successes in real estate syndication via JMB Realty and early investments.[28] By the mid-2010s, this had roughly doubled to around $2.6 billion, reflecting compounded gains from property developments in Chicago and beyond, though exact annual figures prior to consistent Forbes tracking remain sparse.[29]
A significant acceleration occurred in the late 2010s and early 2020s, fueled by the 2020 public listing of Rush Street Interactive via reverse merger and operational expansions of Rivers Casinos in multiple states. Forbes reported a $2.4 billion increase in 2021 alone, elevating his net worth to $6.4 billion by October of that year, amid booming casino revenues and real estate market recovery post-financial crisis.[30] Subsequent years showed some volatility—dipping to $5.5 billion in early 2022 Illinois rankings amid broader market pressures—but rebounded sharply, reaching $6.3 billion by late 2024 and climbing to $7.2 billion by April 2025.[31][32]
As of October 26, 2025, Forbes real-time estimates place Bluhm's net worth at $8.4 billion, ranking him #419 globally, with primary drivers including minority stakes in the Chicago Bulls and White Sox, ongoing casino profitability, and premium urban properties like 900 North Michigan Avenue.[1] This trajectory underscores causal links between strategic pivots—such as shifting from syndication to private equity post-JMB's 1990s challenges and entering gaming in the 2000s—and sustained wealth compounding, outpacing inflation and market averages without reliance on inheritance or speculative tech booms.
Year Estimated Net Worth (USD) Key Factors Noted
2006 $1.4 billion Early real estate syndication gains via JMB Realty[28]
2014 $2.6 billion Property portfolio expansion[29]
2021 $6.4 billion Casino growth and $2.4B yearly increase[30]
2022 $5.5 billion Market dip in Illinois assessment[31]
2025 (Oct) $8.4 billion Real estate, gaming, sports stakes[1]
Major Assets and Investments
Bluhm's primary real estate assets stem from JMB Realty Corporation, which he co-founded in 1969 and has served as president since 1968, encompassing luxury hotels, office buildings, mixed-use projects, and land for development across major U.S. cities.[5][17] Key holdings include the 900 North Michigan office-retail tower and the Ritz-Carlton Chicago hotel in downtown Chicago, both marquee properties contributing to his fortune.[1] JMB's historical portfolio also featured high-profile developments such as Copley Place in Boston and Century City in Los Angeles.[33]
In 1994, Bluhm co-founded Walton Street Capital, a private equity firm specializing in value-add, opportunistic, core-plus, and debt real estate strategies, where he serves as managing principal.[1][3] The firm manages investments in commercial properties, including efforts to divest assets like the 401 N. Michigan Avenue office tower in Chicago as of 2024.[34]
Bluhm's gaming investments center on Rush Street Gaming, which he co-founded and chairs, having developed six regional casinos in North America, including Rivers Casino Des Plaines in Illinois, Rivers Casino Pittsburgh in Pennsylvania, and Rivers Casino & Resort Schenectady in New York.[24][35] He also chairs Rush Street Interactive, the online gaming arm that went public via SPAC merger in 2020; as of January 2021, Bluhm held a 54% stake valued at $2.3 billion.[1][36]
Additional investments include a minority stake in the NBA's Chicago Bulls basketball team and the MLB's [Chicago White Sox](/page/Chicago White Sox) baseball team.[1] Bluhm is also managing partner of LAMB Capital Advisors, though specific holdings details remain private.[37] These assets underpin his estimated $8.4 billion net worth as of October 26, 2025.[1]
Art Collecting and Cultural Impact
Development of the Collection
Bluhm commenced assembling his art collection in the late 1990s, initially concentrating on postwar and contemporary American and European works. This focus aligned with his rising prominence in business, enabling acquisitions of high-profile pieces by established artists.[8]
The collection's evolution emphasized blue-chip names, including Andy Warhol and Jeff Koons, reflecting a strategic emphasis on market-recognized modern masters rather than emerging talents. By the 2010s, it had matured into a substantial private holding, bolstered by Bluhm's advisory roles at institutions like the Whitney Museum of American Art, though specific purchase timelines remain undisclosed in public records.[8][1]
Key developments included selective expansions that prioritized aesthetic and investment value, with no reported deaccessions or shifts in focus toward other periods or media. This measured approach has sustained the collection's coherence, distinguishing it from more speculative contemporary assemblages.[8]
Contributions to Museums and Exhibitions
Neil Bluhm has served as a trustee of the Art Institute of Chicago for more than a decade, including as a member of its Trustee Real Estate Committee, before becoming trustee emeritus.[8][38] He has also held leadership positions at the Whitney Museum of American Art, including as board president, co-chair, and active trustee, contributing to its governance and strategic direction.[8][39] In 2019, the Museum of Contemporary Art Chicago awarded him its Corporate Art Award, recognizing his sustained support for contemporary art institutions.[40]
Through personal and family philanthropy, Bluhm donated $1 million to the School of the Art Institute of Chicago in 2015 to establish the Bluhm Family Scholarship Fund for need-based student aid, bolstering the educational arm affiliated with the Art Institute.[38][41] The Bluhm Family Charitable Foundation, which he supports, has provided over $15 million in grants to the Whitney Museum, including a $2.5 million unrestricted gift, enabling expansions such as the naming of the Neil Bluhm Family Galleries on the museum's fifth floor, used for major installations and exhibitions like the Whitney Biennial.[12][42]
Bluhm's foundation has furthered exhibition programming at the Art Institute of Chicago as a participant in its Exhibitions Trust and Luminary Trust, providing annual funding for shows such as Andy Warhol—From A to B and Back Again (2018–2019) and Monet and Chicago (2020–2021).[43][44] It granted $101,619 to the Museum of Contemporary Art Chicago in 2023 to advance its exempt purposes, including exhibitions.[45] These contributions underscore Bluhm's role in sustaining institutional operations and public access to art displays without evidence of conditional restrictions tied to ideological agendas.
Philanthropic Activities
Support for Education and Medicine
Bluhm, a Northwestern University Law School alumnus, has directed significant philanthropic resources toward enhancing legal education at his alma mater. In December 2013, he and the Bluhm Family Charitable Foundation committed $25 million to the university, allocating $15 million to endow the Bluhm Legal Clinic and expand its clinical training programs, and $7 million to support construction of the Pritzker School of Law building.[39][20] The foundation has further backed Northwestern's educational efforts, including programs in its music school, school of medicine, and Holocaust studies.[12]
Bluhm's contributions to medical institutions center on advancing cardiovascular treatment at Northwestern Medicine, where he serves on the board of the Northwestern Memorial Foundation. In 2005, he founded the Bluhm Cardiovascular Institute with an initial $10 million commitment to elevate specialized heart care.[12][46] This was followed by a $25 million donation in June 2018 from the Bluhm Family Charitable Foundation to establish a dedicated center for complex cardiovascular conditions within the institute.[47][48]
In February 2022, Bluhm and the foundation provided a landmark $45 million gift to create the Northwestern Medicine Bluhm Heart Hospital, integrating advanced inpatient facilities for cardiac patients at Northwestern Memorial Hospital.[49][50] These investments reflect a sustained focus on empirical improvements in clinical outcomes and educational training in high-stakes medical fields.
Arts and Community Initiatives
Through the Bluhm Family Charitable Foundation, established in 2007, Neil Bluhm has directed significant philanthropic resources toward arts organizations, with a primary emphasis on Chicago-based institutions that promote cultural access and education. The foundation's grants support exhibitions, scholarships, and programs fostering artistic development, including ongoing contributions to the Art Institute of Chicago for specific exhibitions such as "Go: The Modern Series, Part II" in 2017.[51][52][12]
In a notable example, the Bluhm family donated $1 million to the School of the Art Institute of Chicago to create the Bluhm Family Scholarship Fund, providing need-based financial aid to students and enabling broader participation in arts education.[38] The foundation has also granted funds to Marwen, a Chicago nonprofit offering free visual arts instruction to underserved high school students, including $150,000 in 2013 for program expansion.[53] These efforts reflect a commitment to nurturing emerging talent and sustaining cultural infrastructure, earning Bluhm recognition from institutions like the Whitney Museum of American Art, which honored him in 2017 for philanthropy advancing American artists.[54]
Bluhm's community initiatives, channeled via the same foundation, extend to human services and voluntarism in the Chicago metropolitan area, supporting organizations that address local welfare needs alongside arts programming. In 2023, the foundation disbursed $12,773,283 in grants, with allocations to human services groups promoting community engagement and support services, though specific recipients remain selectively disclosed as the foundation does not accept unsolicited proposals.[55][52] This targeted approach prioritizes established partners in Chicago, aligning with Bluhm's background in the city and focus on voluntarism-driven outcomes over broad programmatic intervention.[45]
Political Involvement
Campaign Donations and Affiliations
Neil Bluhm has primarily directed his political contributions to Democratic candidates, committees, and PACs over multiple election cycles, with federal records showing donations exceeding millions since the early 2000s.[56] Early examples include $10,000 to Barack Obama's 2004 Senate campaign and $2,300 to his 2008 presidential bid, alongside $1,000 to Rahm Emanuel's 2002 House campaign and contributions to the Democratic Congressional Campaign Committee (DCCC) dating back to 1994.[57][58] In 2021, he donated $5,800 to Sen. Chuck Schumer's campaign committee.[59] These patterns reflect a consistent alignment with Democratic priorities, though some contributions have supported gaming industry interests across states.
In the 2024 election cycle, Bluhm emerged as one of Illinois' largest Democratic donors, contributing approximately $3.5 million to national Democratic entities alongside his daughter Leslie Bluhm.[60] Key recipients included $1 million to Future Forward PAC (a major Democratic super PAC supporting Kamala Harris), over $970,000 to the Harris Victory Fund, and $300,000 to the House Majority PAC.[60] He also backed vulnerable Democratic senators such as Sherrod Brown, Bob Casey, and Jon Tester amid efforts to retain the Senate majority.[60] At the state level, Bluhm's gaming interests prompted significant giving, including $550,000 to top Pennsylvania legislators in support of casino expansion legislation in 2025, marking him as the largest single donor in that push.[61]
Bluhm's affiliations center on Democratic fundraising networks, including bundling efforts for Joe Biden's 2020 campaign, though he has not held formal party roles.[62] His donations have occasionally intersected with business advocacy, such as seeking regulatory favors post-contributions to Chicago Mayor Rahm Emanuel's campaigns, but federal data indicates no substantial Republican recipients.[63] OpenSecrets tracks confirm over 100 individual contributions, predominantly to Democrats, underscoring a partisan tilt despite Bluhm's public defense of free-market capitalism.[56][15]
Advocacy for Free-Market Principles
Bluhm has publicly defended capitalism as the foundation of American success, emphasizing entrepreneurship, risk-taking, and innovation over critiques of wealth inequality. In a November 2021 interview at the Invest For Kids conference, he expressed discomfort with the label of billionaire, likening it to being viewed as a "criminal," while attributing economic disparities partly to Federal Reserve policies like low interest rates that inflated asset values, rather than individual fault.[15] He argued that personal achievements stem from "taking chances, getting educated, going into business," portraying this as core to America's promise of opportunity.[15]
Bluhm highlighted the societal benefits of free-market outcomes, citing Amazon as a "fantastic thing" that advances the country and world through private initiative.[15] Despite identifying as a Democrat, he voiced concern over growing anti-wealth sentiment that demonizes such success, warning it undermines the incentives driving economic growth.[15] His own ventures exemplify this view: through Rush Street Gaming, his companies generate substantial tax revenue—described as making governments "partners" via percentages of gross revenue—and create thousands of high-paying jobs, such as 10,000 positions across his casinos.[15]
These statements reflect Bluhm's broader alignment with free-market principles, prioritizing voluntary exchange, private investment, and minimal vilification of profit motives, even amid political donations leaning Democratic.[15]
Personal Life
Family and Relationships
Neil Bluhm was married to Barbara Bluhm-Kaul, an art collector and philanthropist, until their divorce.[2] The couple has three children: sons Andy Bluhm and daughters Leslie Bluhm and Meredith Bluhm-Wolf.[64] [65] Andy Bluhm manages the hedge fund Delaware Street Capital and has invested in gaming operations.[65]
Bluhm remarried Kimberly Paige Bluhm, whom he met on a blind date in Aspen, Colorado.[66] Kimberly Bluhm is active in philanthropy, focusing on arts accessibility and community initiatives.[67] The couple divides time between residences in Chicago and Palm Beach, Florida.[67] No children from this marriage are publicly documented.[1]
Lifestyle and Residences
Bluhm maintains his primary residence in Chicago, Illinois, where he has long been based amid his business operations in real estate and gaming.[1]
In December 2018, he acquired a luxury condominium at the Four Seasons Residences at the Surf Club in Surfside, Florida, for $20 million, marking one of several high-end properties associated with his portfolio.[68]
Bluhm and his wife, Kimberly Paige Bluhm, purchased a townhouse unit at Palazzo Villas in Palm Beach, Florida, in September 2020 for $7.4 million, further indicating a preference for coastal retreats alongside his Midwestern base.[33]
These residences align with an affluent yet relatively private lifestyle, focused on family, art patronage, and selective philanthropy rather than public ostentation, consistent with his professional emphasis on long-term investments over conspicuous consumption.[1]
Controversies and Criticisms
Disputes in the Gaming Industry
In 2013, Midwest Gaming & Entertainment LLC, the operator of Rivers Casino in Des Plaines, Illinois, and chaired by Neil Bluhm, filed a lawsuit against Cook County to block a newly enacted gambling tax of $1,000 per slot machine and $200 per video gambling terminal, arguing it violated the Illinois Constitution and the Riverboat Gambling Act.[69] The tax, approved in November 2012 as part of a $3 billion county budget, was projected to cost Rivers Casino approximately $1 million annually given its roughly 1,000 gambling devices.[69] An Illinois appellate court upheld the tax in August 2015, and the Illinois Supreme Court affirmed the decision later that year, requiring payment of about $3 million in back taxes.[70][71]
In April 2011, minority investors Richard Sprague and Robert Potamkin filed suit in Delaware Chancery Court against Bluhm, the majority owner of SugarHouse Casino in Philadelphia, and his partners, alleging they were excluded from decision-making on scaling back the casino's expansion plans and reducing planned borrowing amounts.[72] The dispute centered on corporate governance and minority shareholder rights under entities registered in Delaware.[72] No public resolution of this specific suit was reported, though related efforts by the same investors to block a second Philadelphia casino license in 2013–2014 failed, with courts dismissing their claims in June 2014.[73]
Bluhm and Rush Street Gaming, through its BetRivers brand, have engaged in prolonged regulatory and legislative conflicts with sports betting operators FanDuel and DraftKings in Illinois, stemming from efforts to protect casino market share following the 2018 legalization of sports wagering.[9] The tensions trace to a 2015 Illinois Attorney General ruling deeming daily fantasy sports (DFS) as gambling, which FanDuel and DraftKings challenged successfully in court by 2020, fueling Bluhm's push in 2019 legislation for an 18-month delay in their sports betting entry and a $20 million license fee for digital-only operators, alongside requirements for in-person registration that favored land-based casinos.[9] FanDuel and DraftKings circumvented much of this by acquiring physical casino partnerships, such as DraftKings with Casino Queen, shortening the effective delay to two months.[9] Subsequent 2023–2024 tax hikes, including a tiered 20–40% rate and a proposed $0.25–$0.50 per bet levy, increased burdens on online operators (adding ~$70 million annually each) while raising Rush Street's taxes by $5 million in 2023 and $3.3 million in 2024; these measures, influenced by casino lobbying, prompted FanDuel and DraftKings to impose customer surcharges starting September 2024.[9] No formal lawsuits have ensued from these tax changes, though potential Equal Protection Clause challenges remain possible.[9]
Scrutiny of Business Practices
In 2015, the Illinois Gaming Board initiated an investigation into Rivers Casino in Des Plaines, operated by Rush Street Gaming—a company chaired by Neil Bluhm—after reports surfaced that the casino had contracted with United Service Companies for security services prior to its 2011 opening and for deep cleaning from July 2011 to May 2015.[74] The contractor's principal, Richard "Rick" Simon, had documented associations with individuals linked to organized crime, including partnerships with reputed mob figures such as William Daddano Jr. in 2012 and prior ties to Ben Stein, a convicted felon with mob connections who died in 1996.[74] Although Simon denied any organized crime involvement, Illinois gaming regulations prohibit associations with "notorious or unsavory" persons, prompting scrutiny over the casino's vetting processes.[74] Rivers terminated the contract on May 6, 2015, following inquiries from the Better Government Association, and retained attorney Patrick Collins to manage the response, but the probe highlighted potential lapses in due diligence for vendor selection.[74]
The matter culminated in a $1.65 million fine levied by the Illinois Gaming Board in August 2015 and paid by Rush Street in January 2016, specifically for employing the contractor despite the owner's admitted mob associations.[75] This penalty was disclosed to the Massachusetts Gaming Commission during Rush Street's pursuit of a casino license for its affiliate, Massachusetts Gaming and Entertainment, raising questions about the firm's compliance standards across jurisdictions.[75] No license revocation occurred in Illinois, but the incident underscored regulatory oversight of business partner selections in the gaming sector, where Bluhm's oversight role as chairman drew indirect attention to operational risk management.[75]
Bluhm's gaming ventures have also faced criticism for aggressive lobbying tactics in sports betting markets, particularly in Illinois, where Rush Street pushed for policies disadvantaging competitors like FanDuel and DraftKings.[9] Stemming from resentment over the 2015 classification of daily fantasy sports as illegal gambling—which Bluhm viewed as enabling rivals' dominance—Rush Street advocated for an initial three-year exclusion of these firms from sports betting, securing instead an 18-month delay, a $20 million license fee (a 300% increase), and tiered taxes escalating to 40% plus per-bet surcharges of $0.25 to $0.50.[9] Critics, including the Sports Betting Alliance, labeled these measures discriminatory and potentially unconstitutional, arguing they distorted competition and passed costs to consumers while inadvertently boosting state revenues—FanDuel and DraftKings contributed $286 million in taxes (80% of the total) over 12 months despite the barriers.[9] Bluhm's deployment of politically connected lobbyists, backed by significant donations, amplified perceptions of market incumbents leveraging influence to erect barriers, though such advocacy remained within legal bounds.[9]
In real estate, Bluhm's early career with JMB Realty drew attention for substantial financial setbacks, including the 1989 acquisition of Randsworth, a London property firm, which filed for bankruptcy in 1992 amid recessionary pressures and creditor actions by Citicorp, resulting in losses of $340 million in client funds and $85 million in JMB's capital.[23] Described as an embarrassing episode amid JMB's broader 1990s struggles, the deal exemplified risks in international leveraged investments but did not lead to formal regulatory actions or lawsuits, instead prompting Bluhm to pivot toward more conservative strategies post-dissolution of JMB in the mid-1990s.
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