The 10 casinos located in Illinois registered a revenue decrease of 3% during the last fiscal year, according to a new report.
US.- Illinois continues to change its gambling market, and just a few months after the state approved a massive expansion, a new report shows that the existing 10 casinos registered a 3% decline in revenues during last year’s operations.
A report from the legislature’s bipartisan Commission on Government Forecasting and Accountability shows that the state casinos suffered losses in revenue from a continued increase intake from video poker and slot machines at bars, restaurants and truck stops.
Illinois perceived more than US$1.4 billion in tax revenue from casinos, video gambling, lottery and horse racing until June 30. This figure represents a 3.5% increase from the previous year.
The recent gambling expansion allows for six new casinos in the state, including Chicago. However, new findings indicate that a gambling facility in the Windy City might not be as profitable as expected, and could actually lose money. In the new report detailing activity from last year, the commission raises concerns about the gambling expansion. It argues that the new casinos could continue taking money from existing casinos.
“Increased competition from video gaming continues to be a major factor for these declines,” the commission’s report says. “These declines at the existing casinos may be exacerbated due to the significant increase in competition soon to come from new Illinois casinos, racinos, and from new casinos in nearby states.”