CHICAGO (CBS 58) -- Chicago is one step closer to getting its first-ever casino. 

Only time will tell what that means for other casinos in the area, including in Wisconsin. 

Chicago Mayor Lori Lightfoot has picked a casino proposal from Bally's, it's a $1.7 billion gaming house that would be located in the city's River West neighborhood on the site of an old Chicago Tribune publishing plant. 

Mayor Lightfoot is counting on tax revenue from the casino to help the city pay for its underfunded police and fire pension systems.

"A city casino signals to the world that our economy is on a strong path towards recovery, ready to develop new and lucrative projects that will benefit all of our residents," Lightfoot said. 

The casino project is not a done deal yet. 

The plan still must be approved by Chicago's city council, and the Illinois Gaming Board must still approve a license.