| According to the American Gaming Association's 2003 State of the States survey of casino entertainment, this is no time for Illinois to play games with an industry that has the potential to stimulate such economic growth and stability. For example, the survey reveals that the acceptability of casino gambling is at its highest level in years, with the highest approval ratings among adults ages 21-39. Also, nearly three-quarters of Americans believe that casino gambling is an important component of a community's entertainment and tourism options. The commercial casino industry contributed more than $4 billion in direct gross gaming taxes in 2002. Furthermore, the casinos in some states pay millions of dollars over and above what they in taxes, averaging more than $32 million annually, as part of community investment obligations. Is taxing such a viable industry into oblivion any way to treat a friend? I don't think so. More than 51 million people, roughly one-quarter of the U.S. population over the age of 21, visited commercial casinos in 2002. The casinos themselves employ some 350,00 people. As other states explore casino gambling legislation and the competition for tourists increases, it would serve the interests of Illinois much better if we preserved what we have by providing fertile ground for expansion and development rather than throwing up barbed wired tax fences. CASINO NEWS: If the results from the first full month of operation under Illinois' new oppressive tax hike on casino revenues are any indication, the gaming industry in this state is in serious trouble. Adjusted gross revenues for July dropped 2.13 percent compared to June 2003, and they plummeted 9.45 percent when compared to July of 2002. The Hollywood Casino in Aurora experienced the most economic damage. Its AGR for July dipped 18.43 percent from June and a staggering 29.67 percent from a year ago according to the Illinois Gaming Board's monthly riverboat casino report. Curiously, Hollywood was the first to go public with announcements regarding operational cutbacks as well as admission, beverage, and parking fees. The Grand Victoria Casino in Elgin, which chose not to pass costs on to its guests, was the only Chicago-area casino in Illinois to show an increase in revenues in July over the previous month. Elgin's top line rose 5.19 percent, although it fell 6.38 percent when compared to July 2002. Argosy's Empress Casino & Hotel in Joliet showed a 6.09 percent decrease for the month, halting the momentum it had been building since the grand opening of its new twin-level permanently docked barge facility earlier this year. |
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