According to a report on herald-review.com, the state of Illinois is anticipating a revenue loss under its new law which permits poker machines at bars. Racetracks in the state are now saying that if racinos are made legal they would help make up some of that lost revenue
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The article states that a law was passed earlier this year in which bars and restaurants could legally host video lottery terminals. The law also includes a clause which allows municipalities not comfortable with the arrangement to opt out, which has since happened, thus limiting revenue to the state.
Racetrack lobbyists are now saying that the racino option is a viable way of stopping the revenue loss, at least to an extent.
According to the report, the law passed earlier this year was intended to help fund the state's $30 billion, multi-year infrastructure rebuilding plan and its related employment boon.
"By permitting gaming machines at horse racing tracks, lawmakers have an opportunity not only to bolster the capital plan with a substantial, stable source of revenue," stated an industry statement released Monday. "They also would help ensure the vitality of horse racing -- and the larger Illinois horse industry -- for generations to come."
Click here to the read the herald-review.com article in its entirety.
(With files from herald-review.com)