It has been reported that, via a ruling, a federal court in Illinois does not have the ability to stop the dispersal of funds from the Horse Racing Equity Trust
.
The equity trust holds millions of dollars earmarked to bolster purses at Illinois racetracks. The millions of dollars in the trust were pooled together from the bottom lines of specific casino operators in the state. Under laws which are applicable until the end of this year, the casino operators which run particular riverboats are required to deposit three per cent of their annual revenues into the trust.
According to a report on courthousenews.com, Bill McKenna, the attorney representing the racetracks, said that his clients are pleased with the decision, but are expecting more litigation in regard to the issue.
To read the report click here.
To view an official copy of the ruling, click here.
(With files from courthousenews.com)
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