Originally Posted Online: May 05, 2012, 3:30 pm
Last Updated: May 05, 2012, 3:30 pm
New casino helps halt dip in Illinois gambling profits
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SPRINGFIELD, Ill. (AP) — A report for the state legislature shows a casino that opened in Chicago's suburbs last year has helped halt a statewide slide in profits.
Even still, gambling revenue to the state is forecast to stay relatively flat this year.
The report by the Commission on Government Forecasting and Accountability found two reasons for that. A portion of the proceeds from the new Rivers Casino in the Chicago suburb of Des Plaines is helping subsidize Illinois' troubled horse racing industry. Also, lower receipts at other casinos mean they aren't paying a higher tax rate on their profits.
The (Bloomington) Pantagraph reports (http://bit.ly/IWwVQL ) that the review found the Rivers Casino helped boost adjusted gross receipts by more than 20 percent in the first three quarters of the fiscal year.