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Illinois recently decided that video gambling machines are legal within the state. When the decision first came down, individual cities and counties were at liberty to make their own bans on the games until the official date of legalization was here. Not that it has come, video gambling is officially a legal pastime within the state of Illinois. Now that they are legal, there were two companies that were bidding for the contract to bring them into the state—Intralot and Scientific Games Corporation. The state calculated the bids and awarded Scientific Games Corp. the big, however now Intralot has some problems with the decision. Officials of the company state that the state’s Gaming Board miscalculated their bid and they should have been given the win. Their position was so staunch that the Gaming Board has decided to start from square one with calculations. They withdrew the winning big from Scientific Games Corp and are beginning again.

The state’s Gaming Board admitted to having “misunderstandings” when it came to interpreting the assumptions and making the right calculations of the bidders involved. Both companies are now back at square one and have to wait for the gaming board to refigure their proposals. They each believe that they are the best company for the job and want the right to restate their proposals. It is a huge contract and it is no wonder why each one is fighting hard for the big. They know that bringing video games to the entire state of Illinois could be a huge money maker for them. It also could solidify the company in the market and open the door for other states in need of a video game installation initiative. This is just the beginning for the company that eventually wins the bid for good. It will take time to see who wins, but Illinois officials are intent on making the right decision this time with the right calculations from the start. They are starting over, but with good reason. They want to adequately calculate all costs and all potential revenues from the games prior to making a final decision. The two competitors wait patiently for the final decision on who wins the Illinois contract for video gaming installation.

One industry that quickly suffered during the recession was the horse racing market. Over the years, it took a particularly hard hit. When the unemployment rate soared, people stopped spending and that meant that they cut out any discretionary spending. Most people were focused on paying their bills and just getting by, rather than using funds to pay for gambling at horse racing tracks. This put track owners in difficult positions. Their own revenues declined sharply and they had problems keeping customers from coming in.

Some race tracks looked to bringing in slots gambling to try to spur more customers to return to the market. Throughout history, slots have been a very effective money-generating hobby for businesses, including pubs and bars in the country. That means that if a race track can implement a slots parlor onto their floor, they may have a shot to remain relevant in the market. Race track owners have long been petitioning legislators to allow the move of bringing slots in. They are hoping that the change would bring in millions of much-needed dollars in funding to the market. It also can potentially save many race tracks from closing down altogether. Lawmakers are divided though.

Like most issues with gambling, legislators in Illinois are divided. On one side, legislators believe that slots would help to spur in more business and believe that with the right taxation, all parties could benefit from the move. On the other hand, some legislators are not as supportive of the move. Their reasoning is that bringing slots into race tracks would considerably infringe on their own revenue-generating capability by using slots. The pie would have to be split between the race tracks, the state, the city and the federal government. On the other hand, if the state just put slots in themselves, then race tracks would not have to be cut into the deal.

In the end, it is money that is spurring the debates over allowing Illinois race tracks to bring in slots. There are millions of potential dollars to be had in the market and everyone involved knows well how lucrative the move could be. It will take time for legislators to make their minds, but race tracks in the state are hoping it doesn’t take too long and they truly are able to benefit from the changes.

It’s been months now since racetracks in Illinois have been trying to get slots legalized for operations.  Race tracks all over the country have been suffering due to the recession. One of the biggest issues of the economic downturn was a lack of discretionary spending among consumers. They cut back on all spending—from groceries and cars to vacations and hobbies. It was a difficult situation. Add to it the staggering unemployment rate that left millions of Americans without a job and it’s sure fire disaster for the market. People need to start getting back into the workforce, but with over 2.5 million jobs eliminated it’s difficult for even the most educated consumer to find placement. It made people worry about their financial futures. Due to their worry, they cut back on all discretionary spending.

Many race tracks are facing major financial difficulties. People cut back on spending and that included betting at race tracks. Many tracks throughout the country have had to file bankruptcy or close down completely to manage. Without some new product, it seems that race tracks may continue to close down. That’s why many are calling for slots integration to bring in new customers and in turn, new revenue. The biggest advantage of slots is that they have proven to be highly lucrative in today’s economy. Even Las Vega touts the benefit of having slots and cites that their slots parlors bring over 60% of their average revenue into the business. Race tracks know this and want to save their own operations with the inclusion of slots. Unfortunately, they need permission to do so. Racing officials will say that allowing racinos at Illinois tracks will make up for revenue lost from the state’s new law permitting poker machines at bars. The poker machine law was expected to help fund state’s $30 billion, multi-year infrastructure rebuilding plan, the Post-Dispatch reports. But is only on a voluntary basis and many municipalities have not yet agreed to allow it. Lobbyists are pushing harder than ever for the reform to be considered. It will take a few months, but soon people will see if slots are going to be introduced to race tracks.

Riverboat casinos are a staple of Illinois. Illinois was the 5^th state admitted to the union in 1818.  At 12,910,409 residents Illinois is the 5th most populated state as reported in 2008 by the U.S. Census Bureau.  The state covers a sprawling area of 57,918 square miles.  Illinois in nicknamed the “Prairie State” for its commitment to preserving and reestablishing its natural prairies.  Also one four states that borders Lake Michigan, as well as Wisconsin, Indiana, and Michigan. It’s no wonder due to its popularity and vast area that it moved into the world of gambling. The state started its gambling riverboat industry and hasn’t looked back in terms of popularity and fun.

Illinois was the second state to allow riverboat casinos with the opening of the Alton Belle Casino in 1991.  Still operating today as the Empress Casino and Hotel located in Joliet, IL.  Anyone looking for riverboat fun will find nine total riverboat casinos in the state. Despite having the hightest tax rates in the nation, the casinos prove to be resilient. There are a lot of governmental restrictions on them and the state of Illinois currently is maxing out its limit for riverboat casino licenses. Although the rules are stiff, the state has managed to overcome. Casino operators work within the limits, but still create highly lucrative pastimes for millions of gamblers in any given month. Despite the recession, riverboat casinos have managed to survive. They did experience an overall decline in revenue due to the economic downturn, but now that things are turning around, there are signs that the riverboat casino industry too is on the rise. 

The minimum age for entrance to Illinois riverboat casinos is 21 and casinos are a great place to celebrate. Many provide specials for anniversaries and birthdays. In particular it can be lucrative to join the VIP programs as soon as possible to enjoy more savings. For anyone looking to enjoy gambling at its finest, Illinois riverboat casinos are some of the most enjoyable pastimes. Whether you are a fan of poker, slots, backgammon or any other table game, most likely the riverboat casinos have it. Plus the specials are usually excellent ways of giving yourself a chance to win more money. Check back with the riverboats frequently and see how much fun and how lucky you can get at a riverboat!

Midwest Gaming and Entertainment LLC is hoping to develop a new casino in Des Plaines. They are awaiting a decision by the Illinois Gaming Board though. The board is meeting in downtown Chicago to approve or disapprove the new casino in Des Plaines, Illinois. If the board members agree that the casino is “suitable” for the area, it will open the door for Midwest Gaming and Entertainment LLC to start procuring financing for the venture. Once that happens, construction can begin as early as next month. The initial plan is to construct three or four buildings.

On the gaming board’s agenda is deciding on the suitability issue and consideration of Midwest’s plan for financing the development that includes a 140,000-square foot casino, two parking gMiarages and two high-rise hotels. Midwest plans to build Illinois’ 10th licensed riverboat casino on a 20-acre parcel north of Devon Avenue and west of River Road. The site is located across from Rosemont. It’s been an entire year since the gaming board has begun investigating the issue. Of primary focus is the Des Plaines’ area “suitability” issue. Included in the investigation however was also an extensive background checks of all its key employees and investors. If all goes well, as expected, the board will vote in favor of the move and Midwest will be deemed suitable to operate setting the stage for the company to move forward on securing financing in preparation for construction. Up to 11 buildings on the property will be demolished to make way for the immense operation. The opening of the casino would likely happen in the next 18 months.

Once the casino in Des Plaines opens, it will open the door to the state and city reaping huge financial benefits from the move. After Des Plaines pays out millions of dollars in financial obligation it had committed to secure the casino, it will be left with an estimated $9 to $10 million per year in new revenue. That’s a huge number for casino operators and a huge amount of revenue for the state. After the recession, the state is excited about bringing in more revenue and needs the money to balance the budget and overcome its huge deficit.

Illinois race tracks will tell a state gaming commission today that allowing slot machines will help Illinois’s poor economy. Racing officials will say that allowing racinos at Illinois tracks will make up for revenue lost from the state’s new law permitting poker machines at bars. The poker machine law was expected to help fund state’s $30 billion, multi-year infrastructure rebuilding plan, the Post-Dispatch reports. But is only on a voluntary basis and many municipalities have not yet agreed to allow it. Lobbyists are pushing harder than ever for the reform to be considered because they know the harrowing up-coming financial years that the state will be under. They are doing everything they can now to help find solutions to the budgetary problems that no doubt will be around for at least a few more years.

Reform is needed to help the state make its budget for the coming fiscal year. The slot machine industry is celebrating because slots are coming to the state. The Governor approved legislation recently that would add over 40,000 slot machines to the market. They would join the already 75,000 existing slot machines that are highly lucrative to the state. Governor Pat Quinn said, “Annually there are approx. 25,000 slots replaced each year which means an increase in slot machine production.”

 In Illinois, Gov. Pat Quinn approved legislation that will allow bars and taverns throughout the state to add video poker and video blackjack machines. Each location would be allowed three types of machines and analysts believe anywhere from 25,000 to 50,000 games could be added by next year. That means huge dollars for the states in gambling tax revenues. It’s a good time due to the recession. States are acting like kids in candy stores with gambling. They have had to struggle for revenues for so long due to the recession that the economy created. The new poker machines at bars hopefully will not only bring in revenue, but also bring in new customers first. It’s a huge goal of most businesses to bring in business and it is the first step for turning the economy completely around. As people continue to start spending like they used to, hopefully they will start gambling again and fueling the casino industry back into good revenues.

The Illinois senate voted to expand gambling in Illinois.  This, however, does not mean the change will come easily. The 30-28 vote sends the measure to the Illinois House, where House speaker has openly expressed uncertainty about approving a casino expansion this spring. There have already been great expansions in Illinois regarding gambling including legalizing video gambling statewide.  Overall the state of Illinois is looking to use gambling as a means of bringing in much-needed funds to state coffers. The most difficult part of the economy has been the particularly insistent recession. Though experts claim the recession is technically over, they also say that true signs of an economic recovery won’t be seen until mid-2010. And those signs may not be as changing to the market as once hoped.

The problems for the state began back in 2007 with the housing bubble about to burst. Once it did, lenders closed their doors to borrowers. That caused credit card lenders to cut back on their lending or change the rules drastically. They elevated interest rates to unmanageable levels. They cut limits. They increased fees. Customers were surprised because most believed that credit would be a sure-fire way to manage in difficult times. In fact a lot of consumers kept one credit card on reserve—stuffed away in a drawer—for emergencies only. Unfortunately, credit lenders stepped in and either cancelled cards or slashed limits. Once people realized that credit wasn’t available as a savior, they had to turn to their savings. The problem there is that for years, customers haven’t been saving as much as they should. Though experts suggested that consumers should have 3 to 5 months of expenses saved up, few listened. Most consumers had drastically less and quickly went through their savings.

The problems consumers had turned back on to businesses and that included casinos. Casinos suffered because without money to spend on luxuries, gambling stopped. The high-end tables at casinos stood silent—even in Las Vegas, the hub of gambling in the nation. Illinois is one state that is feeling the overall decline in gambling. The state’s legislators are hoping that the House will approve the new casinos in an effort to help turn around the economy. Without some big changes in the market, the state will continue to struggle as the new fiscal year begins.

Four Illinois casino companies have filed a $267 million racketeering lawsuit against former Illinois Governor Rod Blagojevich and a prominent racetrack owner over a controversial law that requires casinos to funnel part of their revenues to struggling horse tracks. This is yet another accusation the impeached Governor must now face.  A federal affidavit alleges Blagojevich attempted to pressure John Johnston, whose family owns and operates several tracks in the Chicago area, for a $100,000 contribution.   In exchange for this “generosity” the Governor would pass legislation to help the struggling horse racing industry. The legislation requires the state’s four top-earning casinos to give 3% of their gross adjusted annual revenues to the horse-racing industry.

Blagojevich received tens of thousands of dollars in exchange for passing such legislation. It isn’t the first round of trouble for the former governor of the state of Illinois. He has a hefty legal battle to manage through and this is just one of the issues he has to go through. The ousted governor is set to begin fighting his legal troubles in coming months.  The question of bringing gambling into the state is not a new one. In fact, almost every state is toying with the idea of either bringing in gambling or expanding gambling. States are hard-pressed to bring in new ways of generating revenue. The recession was hard on the nation and almost every state is under a hefty deficit and has few ways of managing the huge budgets. So far, most are looking to huge cutbacks in education funding, development and expansion.  Though the communities in the state are against cutbacks, without them there is no way the state has to manage its budget or even think of making a successful financial year.

The lawsuit filed by the casinos is just the beginning of problems for Blagojevich. His legal battles are many. Though since the beginning he has claimed innocence, it has yet to be seen how he is going to get out of the problem. His legal team is on double duty and without some hard negotiating, it seems the ousted governor may be in for the legal battle of his life. 

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.

Illinois race tracks will tell a state gaming commission that allowing slot machines will help Illinois’s poor economy.  Race tracks all over the country have been suffering due to the recession. One of the biggest issues of the economic downturn was a lack of discretionary spending among consumers. They cut back on all spending—from groceries and cars to vacations and hobbies. It was a difficult situation. Add to it the staggering unemployment rate that left millions of Americans without a job and it’s sure fire disaster for the market. People need to start getting back into the workforce, but with over 2.5 million jobs eliminated it’s difficult for even the most educated consumer to find placement. It made people worry about their financial futures and the future of the economy as a whole.

Race tracks are not different in the market. People cut back on spending and that included betting at race tracks. Many tracks throughout the country have had to file bankruptcy or close down completely to manage. Without some new product, it seems that race tracks may continue to close down. That’s why many are calling for slots integration to bring in new customers and in turn, new revenue. The biggest advantage of slots is that they have proven to be highly lucrative in today’s economy. Even Las Vega touts the benefit of having slots and cites that their slots parlors bring over 60% of their average revenue into the business. Race tracks know this and want to save their own operations with the inclusion of slots. Unfortunately, they need permission to do so.

Racing officials will say that allowing racinos at Illinois tracks will make up for revenue lost from the state’s new law permitting poker machines at bars. The poker machine law was expected to help fund state’s $30 billion, multi-year infrastructure rebuilding plan, the Post-Dispatch reports. But is only on a voluntary basis and many municipalities have not yet agreed to allow it. Lobbyists are pushing harder than ever for the reform to be considered. It will take a few months, but soon people will see if slots are going to be introduced to race tracks.