Mandalay hit by tax increase

Monday, June 17, 2002 | 11:30 a.m.

Las Vegas Strip casino operator Mandalay Resort Group said a pending gaming tax hike in Illinois will have a "significant impact" on its operations at Grand Victoria, a riverboat casino in Elgin, Ill., it owns with hotelier Hyatt.

Had the tax hike been in effect during the prior year, the Grand Victoria would have lost $40 million in operating income, Mandalay said in a statement filed with the Securities and Exchange Commission Friday.

Mandalay is the latest company to quantify the impact from the unexpected tax increase. Recently, Argosy Gaming Co., which has the largest presence in Illinois, said it would incur an additional $24 million in annual tax liability from the move.

Also Friday, Hollywood Casino Corp. said the increase will absorb virtually all of the returns it expected from its recent $78 million renovation to its riverboat casino in Aurora, Ill.

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