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 24^th 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.

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Currently, the state serves as home to ten gambling venues. Thanks to this piece of legislation, the state’s riverboat casinos portfolio will expand to include more similar land-based, floating gambling facilities. This is especially important for Lake County and Williamson County which are the state’s gambling focal points. The statement also details that the measures imposed could lead to the introduction of a land-based gambling facility in Chicago as well as other floating facilities especially in the area of Danville, Rockford.

It is also reported that due to this most recent legislation, the biggest Chicago casino would become at least three times larger when compared to its biggest rival with more than four thousand gaming positions. However, for this to happen, the casino’s profits have to be split equally between the casino’s operator, the city and the state.

The Measure Modifying the Sportsbook Legislation

In addition to allowing more riverboat casinos to offer their services, the measure would also allow the state’s land-based sportsbook facilities to provide their services within casinos, sporting venues as well as horseracing tracks. If this happens, interested players would be able to enjoy all sorts of sportsbetting activities at different facilities including Chicago’s Soldier Field which has around 61,000-seats.

This would also mean that online sportsbetting activities would require several regulatory licensed which cost around $20 million each. Moreover, the legislation if passed would also authorize other facilities in the state such as truck stops to provide video gaming consoles and machines while travelers at Midway International Airport and O’Hare International Airport would be able to try their luck on slot machines while waiting for their flight.

Initially Opposed Idea Becoming a Reality

Before the measure was posed, Lori Lightfoot who is the Mayor of Chicago had opposed these ideas especially the idea of introducing a land-based casino to citizens in her city. However, the Mayor of Chicago had changed her initial stance before the voting too place just after her meeting with the Illinois House of Representatives Minority Leader Jim Durkin and the state’s Governor Jay Pritzker.

As reported, Lori Lightfoot announced in the newspapers that she changed her initial stance regarding the issue after she came to an agreement that all sportsbetting licenses issued for the city would be fully regulated and carefully supervised. In her statement, Lori Lightfoot also added that these latest enhancements will allow the city to maximize its current revenue capabilities which would allow a new land-based casino to ensure the best life quality for all neighborhoods within its area.

The state’s Governor Jay Pritzker has supported the idea of gambling activities expansion for a long time. Following the latest events regarding the gambling legislation in the country, Pritzker stated that by expanding the industry and by legalizing sportsbetting activities, the city will create more than 10,000 jobs. He added that this is especially important for Rockford residents who have been hungry for employment for many years.

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