Chicago may be the next city to house a mega casino, according to a key legislator in the state. Senator Terry Link – the sponsor of a casino bill – says that the proposed mega casino would be three times larger than all other gambling establishments in the state.
The bill proposes six new casino developments. One of these allows for the mega casino. In an effort to increase gambling facilities in Illinois, the bill will also allow three horse tracks to house slot machines. Eventually, these tracks will be able to become full casino facilities.
In another part of the bill, legislators also want to increase the limit on video gambling machines in establishments such as bars, pubs and restaurants to a maximum of six – currently, it stands at five.
Chicago is expected to receive 33% of the adjusted gross receipts in tax revenue if the proposed mega casino goes ahead, and this figure is significantly higher than in most states.
For now, it seems, the bill has a good chance of being approved, given the financial gain the city and state can expect to see.
Details are Scarce
Unfortunately, no details have been officially announced. The only official reference to the new mega casino can be seen here. This doesn’t bode particularly well, as the bill cannot become law until it’s passed in before the legislature close – this is at the end of May, 2019.
Worse still, Illinois doesn’t have the best track record in ratifying bills based on gambling. In the past, ex-Governor Pat Quinn vetoed a similar bill. Thankfully, however, current Governor JB Pritzker has spoken fondly about gambling, and sees it as a great opportunity to raise new tax revenue in the state.
For now, at least, it appears a bit of long shot that the bill will be ratified in time. Still, the fact the bill has even been proposed is promising, and given the high taxation rate on gambling it’s likely we’ll see it proposed in the future, even if it doesn’t make it through legislators first time round.