With a novel approach towards revitalizing Illinois' casino industry, State Representative Joe Sosnowski's House Bill 4070 takes a bold approach to revitalizing Illinois' casino industry. BonusFinder, an online casino comparison site, reveals the latest.
The Bill is intended to allow the State's three weakest-performing casinos the opportunity to move to more vibrant markets, where they would be better equipped to establish job creation, increase tax revenue and provide a sustainable future for the industry.
A lifeline for underperforming casinos
Illinois currently hosts 17 land-based casinos, nearly 9,000 licensed video gaming locations as well as 14 sportsbooks. While the industry supports almost 30,000 jobs and generated a record $2bn in tax revenue in 2024, not all casinos are thriving equally.
Sosnowski's Bill would require the Illinois Gaming Board to review each casino's adjusted gross receipts over a 12-month period, identifying the three lowest performers.
These casinos would then have the opportunity, but not the obligation, to apply for relocation through a competitive proposal process.
"We must have the adaptability in state law to allow a struggling casino to relocate to another market within the state where they have a better prospect for success rather than continue to languish with no remedy", Sosnowski said.
Economic rationale and community impact
The rationale is clear: relocating struggling casinos to more promising markets could dramatically increase their economic output.
Sosnowski argues that a transfer of a casino from a stagnant location to one that is thriving could triple the number of jobs and greatly increase the local and state tax base.
Municipalities looking to host a relocated casino would make proposals to the Illinois Gaming Board, which could create competition among communities looking for new jobs and economic activity.
Cities like Freeport see the Bill as an opportunity for development and infrastructure investment.
Compensation for losing communities
Conscious of the central role gaming revenue plays in local budgets, the Bill provides a unique compensation mechanism: any community losing a casino would receive double its share of casino receipts for a set period. This provision seeks to cushion the fiscal blow and provide time for economic adjustment
"Not only will the prior location receive their funds, but a new location is more than likely going to have a lot more revenue sharing available for local governments", Sosnowski noted.
Industry growth and future prospects
Illinois' gaming sector is on an upward trajectory, casinos' adjusted gross receipts are projected to grow by 13.2% in 2024, a boost driven by new locations in Carterville and Chicago.
The State's overall gambling landscape, which includes video gaming and sports betting, continues to grow, helping to drive the record $2bn in tax revenue generated for the state last year.
House Bill 4070 does not require a move but presents a competitive solution for the struggling casinos in what could become a more competitive and balanced gaming market.
If enacted, the Bill could serve as a model for other states struggling with stop-and-start casino growth and the search for more reliable economic development.
The stakes
Whether the legislation passes or not, the stakes are high: how Illinois lawmakers vote could determine whether Illinois' gaming industry thrives or risks stagnation in a rapidly evolving market.
For communities across Illinois, the prospect of hosting a relocated casino, or receiving enhanced compensation for losing one, could shape local economies for years to come.
