According to a report on bnd.com, millions of dollars from Illinois casinos which were earmarked for state horse racing purses and track upgrades may be finally coming out of escrow
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As the article states, in 2006 then-governor Rod Blagojevich signed a bill which amended the Illinois Horse Racing Act of 1975. The amendment required casinos in the state which grossed more than $200 million a year to pay an amount equal to three per cent of adjusted gross receipts to a fund for the racing purses and racing facility upgrades.
A total of four of Illinois' nine casinos were forced to make the payments over a two-year-period. The total amount of money that went into the fund is estimated at being $89 million.
In turn, the four casinos went to court to fight having to pay the three per cent. According to the bnd.com article, a stay issued by the court in regard to the matter expires today, thus the money in the fund could be on its way to state purse pools and said facility upgrade projects.
"It's good news for us," Illinois Horseman's Benevolent and Protective Association executive director Lanny Brooks was quoted as saying.
Click here to the read the bnd.com article in its entirety.
(With files from bnd.com)