The legislation would also allow existing casinos to expand their offer by adding 400 gaming positions and allowing four horse racing tracks to add slot machines along with Chicago airports.
Democratic Senator Terry Link of Waukegan, sponsor of bill SB7, believes setting up the industry in this manner would generate almost US$ 1 billion in start up fees. The Chicago and south suburban sites would pay a license fee of US$ 100,000 and US$ 30,000 for each slot machine or seat at a live or electronic table.
The state’s most lucrative riverboat casinos are currently taxed at up to 50 %. The proposed legislation pitches the new casino tax at 16 % on table game revenue and 20 % slot machine revenue, giving estimated tax earnings of US$ 560 million.
