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Illinois Governor Approves Casino Tax Hike23 June 2003CHICAGO, Illinois – As reported by Reuters: “Illinois Gov. Rod Blagojevich signed a measure that will raise the top tax rate on riverboat casinos operating in the state, a spokeswoman said on Saturday. “The legislation raises the tax on casinos' adjusted gross receipts over $250 million to 70 percent, from the current 50 percent. The 50 percent tax rate will apply to receipts over $100 million, instead of the previous level of over $200 million. The new rates will take effect July 1. “…One operator of Illinois casinos, Argosy Gaming Co. (NYSE:AGY), has said the higher tax rate was expected to decrease its per-share earnings by 25 to 30 cents this year…” |