Probation Dept. anyone?
Mayor Flanagan, the child-like leader Fall Riverites wrongly believed would lead them to the Promised Land, ignores reality and the experience of others.
Illinois, candidate for the Darwin Awards, just passed major gambling expansion legislation, as if dollars will magically fall from the heavens.
The fiscal health of states with existing Predatory Gambling needs to be examined and carefully considered, rather than the hasty rush, devoid of an Independent Cost Benefit Analysis.
Those who are promoting Slot Barns as a solution also need to consider the timeline - this is not instant as many pretend.
Illinois, with an exisiting regulatory structure, is even saying as much.
The 10 Worst States for Retirees
The list, with Illinois leading the pack, comes from website TopRetirements.com. According to John Brady, president of TopRetirements.com, the 10 states earn this dubious distinction largely because of three factors: fiscal health, taxation, climate.
States of Disunion
Topping his website's list, Illinois's fiscal health could be the worst of any state, observed Brady. "It even borrowed money to fund its pension obligations," he said.
Gaming no fast cure for state finances
2013 at earliest
The measure essentially has three major components. It calls for a land-based casino in Chicago along with new riverboat casinos in Lake County, south suburban Cook County, Rockford and Danville. Senate Bill 737 also allows existing casinos to expand their operations by adding gaming positions.
Finally, the bill allows the six horse racing tracks in Illinois to add slot machines, creating what are usually described as “racinos.”
“It is estimated that it would take at least two years before a new casino/riverboat would become operational due to the time it takes for a new license(s) to be put into law, bid upon, approved and built,” the analysis states. “As a result, no recurring revenues are assumed from these new facilities until (July 2013).”
“It can take years, easily,” agreed Tom Swoik, executive director of the Illinois Casino Gaming Association, on the time needed to get a new casino up and running.
Swoik said the first task is to find companies that are willing to invest millions in obtaining a license and building the gaming facility itself. Gaming revenues collected by the state are at a 10-year low, and a previous COGFA report said casino revenues have suffered a “dramatic turnaround” in the last three years because of the economy and competition from other states.
Swoik said companies might be hesitant to make investments in gambling, especially with the amount of expansion contained in the bill.
“With 11 new gaming venues (including racinos), who may not be interested in dealing with that?” Swoik said.
Background checks
An applicant for a new license must still go through a background check by the Illinois Gaming Board. If the applicant is a company that is new to Illinois gaming, the process can take at least a year, Swoik said.
The Illinois Gaming Board doesn’t discuss “pending legislation and hypotheticals,” said spokesman Gene O’Shea.
However, the board did recently go through a process that brought the state’s 10th existing riverboat license to Des Plaines. In that case, an investment banker was retained to seek potential bidders for the license. The company selected had casino experience in other states, but it still took months to complete the background investigations.
The casino is under construction and expected to open next year. The gaming board selected the licensee in December 2008.
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