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Fueling the new Springfield budget: Expanded gambling—plus a Chicago casino
Adaugat pe 08/08/2019 11:38:32 de freemexy

Illinois legislators approved a giant gambling-expansion bill that
allows sports betting and as many as six new casinos, including one in
Chicago, one of the world’s busiest tourism and convention cities.casino software


The legislation, which still must be signed by Governor J.B.
Pritzker, also lets the state’s 10 existing casinos increase their slot
machines and table games by almost 70%. And it allows the state’s three
horse tracks to offer slot machines and table games such as blackjack
and craps. The ultimate recipient of the Chicago license will also be
able to operate slot machines at the city’s O’Hare International and
Midway airports.
While casino gambling has expanded across the
country in the past four decades, it’s rare for a state to do so much
all at once. It is very unusual to see a casino authorized in one of the
country’s largest cities.


“The next step here for the bill is for Governor Pritzker to sign it,
and given he has been supportive of expanded gaming thus far, this is
probably a done deal,” Joseph Greff, an analyst at JPMorgan Chase &
Co., said in a note. “Possible litigation can be filed as a way to
delay, but it likely won’t derail the bill’s eventuality.”The
legislation is expected to be a boon for makers of slot machines and
suppliers of technology for online betting. It will mean more
competition for the state’s existing casinos, including ones operated by
Caesars Entertainment Corp., Boyd Gaming Corp., Penn National Gaming
Inc. and Eldorado Resorts Inc., which all derive between 10% and 15% of
their revenue from Illinois or Indiana, according to John DeCree, an
analyst with Union Gaming in Las Vegas.


Shares of slot-machine maker Scientific Games Corp. jumped as much as
9.4% on Monday, while rival International Game Technology rose 5.2%.
Penn National fell as much as 5.8% over fears about the mounting
competition.


Closely held Rush Street Gaming operates one of the closest casinos
to Chicago: the Rivers Casino in Des Plaines, Illinois. A spokesman
declined to comment on the company’s plans. Caesars operates the
Horseshoe casino in nearby Hammond, Indiana. A representative there also
declined to comment.The legislation also allows for additional slot
machines in truck stops throughout the state.





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