Illinois Looking for Increase in Gambling
Many states are suffering now that the recession is over. The problem began when the recession started and when states were stifled by the economic downturn. The unemployment rate skyrocketed, throwing consumers into a frenzy. They all wondered how to make ends meet and stopped spending altogether. That made matters even worse. Without spending, there was nothing to fuel the economy into growth. That shut own many businesses and made the economy difficult for even the most successful businesses to manage. The market continued to struggle. Experts cited the past year’s recession as the worst economic time since the Great Depression of the 1940s. It was a hard time for businesses and consumers. Experts predict that the first signs of improvement won’t be seen until mid-2010 and even those may be less sizeable than hoped.
The state of Illinois could soon begin offering even more ways to gamble. Along with legalizing video gambling in bars, two separate pieces of legislation are awaiting approval that would allow people to wager their money without ever leaving home. It’s an expansion that race tracks are hoping for because they need to increase revenue. One thing the economy created was a frugal consumer. One by one consumers cut off discretionary spending and that definitely included gambling. Race tracks were left far down on the list of priorities. Many had to close down and others had to make serious cutbacks. The ones that survived are hoping to bring slots in due to their proven success within the gambling market. Slots bring in customers and that means money.
For this reason race tracks are pining for slots parlors to be added to their floors. Right now the approval to bring in slots is awaiting approval from the governor of the state. Whether or not they are going to be approved is up to the state’s legislators. It seems that many businesses are hoping that slots will bring in the numbers needed to sustain the businesses and once again bring growth into the fray. Only time will tell if legislators are ready to allow gambling to come into the state and contribute to the overwhelming budget and deficit it is under.