Las Vegas Sun

November 30, 2009

Currently: 60° | Complete forecast | Log in

Lawmakers approve compromise on casino tax

Wednesday, June 1, 2005 | 8:55 a.m.

SPRINGFIELD, Ill. -- State lawmakers voted Tuesday to roll back the nation's highest taxes on riverboat casinos in Illinois but with a twist that ensures the state won't lose money in the deal.

The proposal is a compromise between the nine casinos and Gov. Rod Blagojevich's office to bring down a tax rate that tops out at 70 percent for the largest, most lucrative riverboats. The rate was raised from 50 percent two years ago to funnel more money into struggling state coffers.

The tax was supposed to go back to the lower rate this summer, but the Blagojevich administration proposed extending it. The casinos balked, saying it has forced them to lay off employees and reduce hours and services. Since the rate increase, their attendance has dropped 18.5 percent and revenues have fallen 6.2 percent.

Tom Swoik, executive director of the Illinois Casino Gaming Association, told the Associated Press earlier this year that when the taxes went up, Illinois casinos started doing less marketing.

archive

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 30 Mon
  • 1 Tue
  • 2 Wed
  • 3 Thu
  • 4 Fri

All events on Monday »