Illinois Gambling Revenue Sharing
I normally don’t keep up that much with news from over on the Illinois side, but I heard this tidbit last night on KWMU while I was fixing dinner. I stood there shocked in disbelief and then started laughing out loud.
Collinsville horse track seeks change in Illinois gaming law
COLLINSVILLE, ILL. (2008-03-26) A horse track in the Metro East is pinning its hopes for survival on the Illinois Legislature.Owners of Fairmount Park in Collinsville say to stay in business they must put in slot machines or enter into revenue sharing agreements with casinos. Illinois law would have to change for the track to do either.
Fairmount Park president Brian Zander said he had to lay off nearly 300 employees and shorten this year’s live meet racing schedule.
He said operating costs are rising, and for years casinos have been taking away business.
“It was a greatly unanticipated consequence,” Zander said. “But every other state has found a way to mitigate that impact.”
A major infrastructure bill in Illinois would expand gambling and also require casinos to share revenue with racetracks.
The measure passed the Senate in September, but it has run into opposition in the Illinois House.
© Copyright 2008
Wow, that’s just unbelievable to me. Imagine if Target were to get a politician to ask for Revenue sharing with Wal-Mart because Wal-Mart is cutting into their business. The fact that t his has already passed a state Senate just floors me. It is absolutely the antithesis of market competition.
Realize to that this is REVENUE sharing and not PROFIT sharing. They will not be asked to share some of their profits after all of their expenses, but their revenue that they collect on the top line.

