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Illinois Racetracks May Lose Windfall

ILLINOIS – As reported by the Chicago Sun-Times: "A forgotten piece of a 1999 law that made sweeping changes to gambling in Illinois has the state's horse racing industry poised to reap at least $68 million a year from a Rosemont casino, projections show.

"The hefty sum wouldn't come out of the casino owner's profits. Instead, it would be diverted from the state's share of gaming taxes to help 'level the playing field' between casinos and horse tracks, which lost business after riverboat gambling took root here in the early 1990s.

"But given the state's budget crunch, several lawmakers say it's time to rein in the deal, especially because tax breaks also approved in 1999 are saving track owners about $30 million a year, records show.

"…The ideas range from capping horse racing's take from the casino -- something that Rosemont Mayor Donald E. Stephens suggested two years ago when hopes for gambling in his community looked dim -- to eliminating the subsidy altogether.

"Horse racing industry leaders hope neither happens.

"…The 1999 law calls for the horse racing industry to get 15 percent of gross revenues from the state's dormant 10th casino license after it is relocated from the Mississippi River to a more lucrative location. The Illinois Gaming Board last week named Isle of Capri Casinos the winning bidder for that license, which was auctioned off by its current holder, Emerald Casino Inc., after allegations of mob influence dogged Emerald's casino proposal…"

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