Illinois is desperate for cash, and it's turning to gambling to close its huge budget gap. The Illinois House of Representatives approved legislation that would allow 5 new casinos, including a new casino for Chicago, two casinos for the Chicago suburbs and two downstate casinos for Rockford and Danville. The state anticipates raising $1.5 billion in upfront licensing fees and another $500 million annually in additional gaming revenues. Mayor Rahm Emanuel made a casino for the City of Chicago his top legislative priority. Gov. Pat Quick supports a Chicago casino but expressed disapproval of the expansion of casinos to other areas of the state.
Indiana, like Illinois, has become increasingly dependent on gaming revenues generated from riverboat casinos. Indiana's casinos in northwest Indiana draw many visitors from neighboring Illinois, but those casinos have been hurt by new casinos in neighboring Michigan. Two years ago, Ohio approved casinos for its major cities, including Cincinnati, which is scheduled to open next year. A new casino on the Illinois-Indiana state line in Danville could draw even more gaming revenues away from Indiana. Indiana has 11 riverboats casinos and 2 racinos (slots only) at horse race tracks in Anderson and Shelbyville. Both racinos have been struggling financially. The Indiana Live racino in Shelbyville recently filed for bankruptcy protection.
