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Illinois' Casino Industry Unsteady

ILLINOIS – As reported by the Chicago Daily Herald: "As the Grand Victoria Casino marks a solid 10 years and supremacy over competitors, the Illinois gambling industry as a whole remains unsteady and faces a questionable future.

"A record-breaking tax set by the state last year on its nine riverboats forced casino owners to make cuts, which led to a loss of thousands of customers, an industry expert says. Plus, the probable addition of a 10th casino would take business from the Grand Victoria if it's in Rosemont or Des Plaines.

"'So far, (the casinos) have been able to take the hits, but at some point the decision is going to be made that there's not going to be as much reinvestment in the casinos,' said Tom Swoik, executive director of the Illinois Casino Gaming Association.

"…A sluggish economy during the past few years, increased competition from casinos in Indiana and the country's largest casino tax all have led to a significant drop in the success of Illinois casinos, Swoik and city officials said.

"From July 2003 to July 2004, the casinos saw a $130 million decline in their revenues, according to statistics from the Illinois Casino Gaming Association, a lobbying group that represents all of the state's casinos except Elgin's Grand Victoria.

"…Subsequently, some of the casinos slashed their gambling time by several hours, established or increased admission and parking fees, cut promotions and giveaways, upped food and drink prices and laid off workers. Illinois casinos now have 9,000 employees compared to 12,000 just three years ago…"

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