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Struggling economy weakens bids for Illinois casino license

ILLINOIS -- As reported by the Chicago Tribune: "Once viewed as a cash cow that could fetch well over half a billion dollars and save the state budget, Illinois' only available casino license is being pursued by three companies offering far less, and industry analysts say even those cut-rate numbers may not hold up in the sagging economy.

"'It's very bad timing for Illinois,' said Bill Eadington, director of a gambling institute at the University of Nevada-Reno. 'We're facing the biggest economic recession in 75 years. I wouldn't be surprised if the companies that made bids a couple months ago could no longer justify them.'

The Illinois Gaming Board is expected to delve into the money details Tuesday when it hears from casino operators hoping to set up shop in Des Plaines, Rosemont or Waukegan using the state's long-in-limbo 10th and final license.

Those three outfits are asking to be dealt in as the gambling industry finds itself mired in a depressed market. Once driven to expand into places like Chicago, casino companies now are suffering from plummeting stock prices and the high cost of debt required to build and open casinos..."

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