Rivers Casino Booming at Expense of Neighboring Casinos

By all accounts Rivers Casino has been a hit since its mid-July opening. The Des Plaines casino generated $34 million in revenue in August, a number that isn't lost on Mayor Emanuel and City Council as they apply heat to Gov. Quinn to allow a Chicago casino.

If Quinn does allow for a Chicago casino, it could lead to a hit in Rivers' profits similar to how the success of Rivers has neighboring casinos in Elgin and Joliet losing business because of its proximity to Chicago.

Grand Victoria Casino in Elgin reported a 24 percent decrease in revenue. Revenues at Harrah's and Hollywood Casino in Joliet also dropped.

Those numbers could decline further if Quinn signs the gaming expansion bill into law and Chicago gets its casino. That bill also calls for a casino in Lake County, the southern suburbs, Rockford and Danville, while adding slot machines at racetracks across the state and both O'Hare and Midway Airports.

That gaming bill has Quinn talking about Illinois becoming the "Las Vegas of the Midwest" and has become a point of contention in the "BFF" relationship between him and Emanuel.

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By Chuck Sudo in News on September 12, 2011 10:30 AM

Comments [rss]

MCY

Whether
or not Governor Quinn signs the gaming expansion bill, opportunities exist for Illinois communities to
generate revenue. One that has already passed with overwhelming
bi-partisan support as part of the 2009 capital plan is the Video Gaming
Act. It will spur local revenue, jobs
and investment. Under the act, municipalities with video gaming will
receive five percent tax revenue that would remain under local control to help
fund projects from the Illinois Capital plan.
To learn more about the capital plan and its impact, please visit
www.BacktoWorkIllinois.com

twocee

The real question for Illinois is how much (if anything) Rivers has pulled from Horseshoe in Hammond.

BlueFairlane

Wait, what? You mean casino revenue isn't some limitless resource that will generate money from air? You mean there's a regional limit to just how much revenue is available, and when the market is saturated the revenue just shifts around?

I'm shocked.