Ill. casinos don't like bill

Illinois casinos are contemplating legal action against recently passed legislation that when signed by Governor Rod Blagojevich will take approximately $35 million from the casinos and give it to Chicago racetracks and purse accounts. According to a Chicago Sun-times story, members of the Illinois Casino Gaming Association think the legislation is unconstitutional.

When the bill becomes law it will charge a three percent fee to the four riverboat casinos in Illinois with annual gross revenue of $200 million or more in 2004. That money will be placed in the Horse Racing Trust Equity Fund and then divided 60 percent to Standardbred and Thoroughbred purses and 40 percent to the racetracks. Of the purse money harness racing will receive 43 percent and Thoroughbred racing 57 percent. A side agreement between the Chicago harness tracks will divide the money 50-50 and waive future recapture. A portion of the money from the Fund earmarked for purses will be used to pay deferred recapture. The law will sunset two years from the date it goes into effect.

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