Casino Cash Dropping

By Sean Stillmaker in News on Jan 23, 2011 5:30PM

More gambling has been touted as the budget crisis savior, but casinos aren't immune to hard times either. Last year revenues from the nine Illinois casinos continued their downward trend and took in $55 million less from 2009, a 3.8 percent decrease, the Daily Herald reports.

U.S. casinos hit their peak in 2007 taking in $34.13 billion, but have been on the decline following the Great Recession. Since 2008 eight of the 13 states with casinos experienced a decline in revenues. New Jersey had the biggest drop (13.3 percent) and Nevada (10.4 percent) placed second, according to the American Gaming Association.

Economic restraints is a likely contributing factor to the decline across the country, but a recent report in Illinois concludes the indoor smoking ban was another devastating factor where receipts decreased by 28 percent since it took affect.

The news comes in the wake of the defeated gaming expansion bill in Springfield. The Senate passed the bill in November that would allow Illinois to operate five more casinos including a land based one in Chicago, but the House failed to act on the measure.

Rockford Sen. Dave Ryerson said he'd introduce an identical bill again with hopes of it being passed by May. With more casinos it's expected to bring an additional $1 billion in tax revenue. Illinois' 10th casino will be opening up in Des Plaines by the end of summer.