Watch for move for city to own casino

Posted8/17/2019 1:00 AM

For what seems like decades or for as long as Senator Terry Link has been the champion of gambling expansion, a bill is passed that Gov. Pritzker happily signs. Loading up on taxes and fees Democrats believed developers would "eat" in order to mine the largesse of the Illinois gamblers, reality from an outside consultant slammed the brakes on. Why?

Even with a downtown Chicago location, the onerous taxes and fees would leave a casino owner with a single-digit profit margin. Chicago's slice of the pie would be 33.3% of profits after gamblers are paid off. The consultants report that existing gambling taxes coupled with the new requirements of the Chicago license would push the Illinois tax rate to 72%. Federal taxes would add to the tax burden.


This is all a straw dog feint. The only salvation we'll be told to save the Chicago casino is for the casino to be Chicago owned. Wait for it. It's coming.

Steve Sarich


Article Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.