As reported by several local news outlets, the state of Illinois or more specifically Chicago is one step closer to hosting a brand-new casino following the envisioned plan receiving another major legislative boost. As reported on the 24th of May, the possibility that the city of Chicago will host a casino has been brought one massive step closer following the Midwestern state’s annual budget revisioning.
According to one report released by the WTTW-TV local broadcaster, the certain changes of House Bill 516 that was previously approved by the state’s House of Representatives were sanctioned by the Senate just several days ago via thirty-seven to nineteen vote. The changes of House Bill 516 as approved by the State’s House of Representatives made it possible for the city to become home to a gambling-friendly venue.
Gambling in the State of Illinois
Today, the state of Illinois is home to several riverboat casinos including the Argosy Casino Alton venue located in Alton, and Grand Victoria Casino located in Elgin. Following the latest legislative changes and legislation related to the gambling industry which was ratified last year, this Midwestern state will see its portfolio of land-based gambling-friendly venues expanded significantly as the state’s main regulatory body for the industry will grant six extra licenses for six new casinos or gambling-friendly facilities.
One of those six new gambling-friendly facilities in the state is planned for the state’s biggest, most populous city Chicago. When it comes to gambling activities in the state of Illinois, the history of such activities dates back to the 20s when the state’s government legalized horse race betting which at the time was held at local racetracks.
Then, in 1990, the state’s Riverboat Gambling Act made is perfectly legal to operate commercial casinos located on boats, hence the name of the act. The following major legislation related to the gambling industry in the state was passed eleven years ago in 2009 when bars and similar facilities within the state’s borders were allowed to offer lottery terminals for as long as they are managed by the state lottery.
Envisioned Chicago Casino Project
When it comes to the envisioned Chicago casino project, one investigation which took place shortly after the legislation was ratified last year predicted that the massive tax rates for such a facility in the most populous, the biggest city in the state would make it almost impossible for Chicago to attract a prosperous casino operator.
According to one report released by the WTTW-TV local broadcaster, the city’s Mayor Mrs. Lightfoot has already taken some steps towards lowering proposed tax rates even though lowered tax rates would see the state lose around $350 million every single year. Several days ago, the state’s major regulatory body for the industry and the government created an impasse which was broken on the 24th of May after several interested casino proponents have finally managed to convince the state’s lawmakers that reducing tax rates and other duties could potentially result in yearly windfalls worth around $500 million.
Needless to say, this would be a massive boost to the state’s Governor’s Rebuild Illinois investments program. In one of her latest press releases, Mayor of the city of Chicago Lori Lightfoot also said to WTTW-TV that lowered tax rates alongside those recently passed legislation rules have finally made the city of Chicago rather financially viable
She also added that her city’s share of resulting gross gaming and net revenues would be set aside in order to support the city’s police pension, and firefighter pension funds. Lori Lightfoot also mentioned that Cook County would also receive one percent of the planned Chicago casino’s tax revenues which would go to the county’s criminal justice system.