Gaming News

Illinois Regulators Back Plan for Casino License

LOS ANGELES, California – As reported by Reuters: "Illinois state gambling regulators on Monday backed a plan to auction off a dormant riverboat license held by bankrupt Emerald Casino, giving a boost to a proposal that could enrich state coffers and ease the tax load on current Illinois casino operators.

"The Illinois Gaming Board voted unanimously to back the Nov. 13 deal on the casino license between Illinois Attorney General Lisa Madigan and investors in Emerald Casino.

"…Emerald investors previously had claimed the right to the license, while the state said it owned the license and the right to auction it. Madigan's proposal gives the gaming board the lead role in a new auction.

"The proposal calls for court confirmation of the plan by April 1, 2004, although it is not clear if Illinois would see money from the auction of the state's 10th and only unused license by June 30, the end of its 2004 fiscal year…"

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