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More magic money

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Illinois

Governor Bruce Rauner is talking up an expansion of gambling to help pay for a big state construction program.

At the groundbreaking for the CREATE program to eliminate the bottleneck of train traffic through Chicago, Rauner was promising a big construction program if’s he’s reelected.

“Funded not with new taxes but with economic growth, balanced budgets funding infrastructure by making it a priority and expanding the entertainment and the gaming industry in the State of Illinois so we stop losing our revenue to Indiana, Wisconsin and Iowa,” said Rauner. “We will have billions of dollars into our infrastructure.”

* From COGFA…

In May 2017, the Commission estimated that SB0007, as engrossed, (Chicago Casino, 5 new riverboats, 3 racinos, additional positions) could increase [adjusted gross receipts] totals in Illinois by roughly $1 billion per year. While this overall growth in receipts is notably lower than has been estimated prior to the emergence of video gaming, the projected increase of $1 billion still represents a significant increase in new gaming dollars. However, because this proposed expansion would coincide with a reduced tax structure, the Commission’s projection would only increase recurring tax revenue totals from approximately $473 million (under current law) to an estimated $560 million under full implementation – an increase in tax revenues of only $87 million.

Emphasis added.

To be fair, JB Pritzker wants to use expanded gaming revenues to pay for his own capital bill (and for his higher education proposals).

Also, this wouldn’t include sports betting. But that won’t be gigantic.

posted by Rich Miller
Monday, Oct 1, 18 @ 2:46 pm

Comments

Nearly four years into the job and its still not clear to me that the Governor actually knows anything.

The lying would be at least a little bit more tolerable if the Governor at least came across as knowing what he’s talking about.

Comment by Juice Monday, Oct 1, 18 @ 2:59 pm
“Funded not with new taxes but with economic growth, balanced budgets funding infrastructure by making it a priority and expanding the entertainment and the gaming industry in the State of Illinois so we stop losing our revenue to Indiana, Wisconsin and Iowa. We will have billions of dollars into our infrastructure.” - Rauner

The guy is sounding less and less coherent and more and more like Trump every day.

That’s…not English. Those are not sentences, and I am not really sure they even qualify as soundbites. More like random fragments from the US Chamber catch-phrase generating machine.

Comment by Thomas Paine Monday, Oct 1, 18 @ 3:07 pm
Both Rauner and JB could be winners on the TV program, Penn and Teller: Fool Us

Their magic money acts are second to none.

Comment by don the legend Monday, Oct 1, 18 @ 3:14 pm
A casino expert i am not, but on a recent trip to Vegas a seasoned pit boss commented on the dilution of business. Will Illinois add revenue or spread out revenue if more casinos are added.

Comment by BlueDogDem Monday, Oct 1, 18 @ 3:14 pm
Right now, there are more than 28,000 video gaming machines outside of the casinos in bars and gas stations. I’m thinking the market is pretty saturated.

Comment by wordslinger Monday, Oct 1, 18 @ 3:32 pm
Recognizing his low polling numbers, Rauner is now exploring a run to become Illinois’ Vice Governor.

“Can I bribe you with promises of gambling?”, Rauner asks voters.

Comment by VanillaMan Monday, Oct 1, 18 @ 3:40 pm
Oh for the good old days, when the magic money was comprised of eliminating waste/fraud/abuse, reforming pensions and selling the Thompson Center.

Comment by Earnest Monday, Oct 1, 18 @ 3:41 pm
Casinos and horse racing are dying forms of revenue. More casinos (or racinos) will not increase state revenue. People can gamble at a bar in their local shopping strip.

At least they should get in on the ground floor with taxing sports gambling. That’s where young people put their betting dollars.

Comment by DuPage Dave Monday, Oct 1, 18 @ 4:14 pm
And the money spent gambling won’t be spent on goods and services.

Comment by Anonymous Monday, Oct 1, 18 @ 4:19 pm
There are lies, damn lies, and Rauner lies.

Comment by Matts Monday, Oct 1, 18 @ 4:24 pm
To many families are ruined from gambling addiction. It should be decreased not expanded.

Comment by Mama Monday, Oct 1, 18 @ 4:42 pm
If you put down your magic beans on red, it’ll get you billions of dollars.

Comment by Keyrock Tuesday, Oct 2, 18 @ 8:41 pm