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Grand Victoria numbers down

28 April 2008

ELGIN, Illinois -- As reported by the Illinois Courier News: "Its profits have served as the economic engine behind a revitalized downtown, as well as the funding source for many of the city's infrastructure improvements.

"And while factors ranging from bad weather to a smoking ban have been blamed for pushing down the Grand Victoria Casino's revenues in 2008, city officials remain confident that will not significantly impact the more than 100 projects and programs budgeted for casino funding this year.

"The city had expected to receive $28.4 million in riverboat proceeds this year. But reports indicate gross revenues have been down by roughly 17 percent so far compared to 2007. There also has been a recorded 9 percent drop in attendance.

"Elgin receives $1 for every person admitted into the casino, which accounted for $2.5 million in revenue last year.

"...If the revenue decline continues, the city could lose as much as $4 million in projected funds by year's end.

"City Manager Olufemi Folarin said after reviewing the findings of a January financial report by the Illinois Gaming Board, city staff started compiling a list of projects to recommend to the Elgin City Council for elimination..."

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