Illinois Gambling Revenue Linked to Taxes
ILLINOIS – As reported by the Chicago Tribune: "Joliet's top financial officer is linking a surge in gambling revenue to the expiration of a two-year state tax increase on casinos.
"Robert Fraser, director of management and budget, gave the City Council this week revenue figures from the four gambling boats in January. The $2.9 million net is up more than $436,000 from a year earlier and higher by nearly $688,000 over January 2004.
"Fraser said the numbers indicate the city's gambling industry is rebounding from a 2-year period when the state levied a 70 percent tax on adjusted revenues of $250 million and more. The temporary tax lawin effect mid-2003 through mid-2005also required casino boats to boost admission fees to $5.
"Its expiration returns the state tax to 50 percent of the adjusted revenuegross revenue minus what's paid to winning playersplus $1 for every player.
"Illinois casino operators responded to the higher tax by cutting jobs and marketing in order to keep revenues below the $250 million mark, according to gambling industry publications…"
2006-02-26
