Golden Nugget Could Be Savior of Danville Pensions – Casino.org

Mayor Rickey Williams, Jr. believes the gaming venue will be a significant boon for the city’s ailing public pension system; He said at a November 2022 city council meeting that police and firefighter pension funding resided at 32.24% and 23.05%, respectively. "We are going to be putting 90%, this year, of the money that we receive from the casino, directly toward extra pension payments. We anticipate that to be about $5 million. We believe, that within the next 12 to 15 years, that we could actually be fully funded.”
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Richard Hayes
2 years ago

At this time, there is no set opening date for the casino as they still have to finish some construction, hire more employees, and get all the necessary licensing. Though management is still hopeful for an opening in the next few months.

Strelnikov
2 years ago

This extra money will only result in increased spending, including higher pensions. In ten years, pension funding levels will be lower than today. The advent of earlier casino gambling throughout the state, which was claimed as the solution to this same problem, has already proven this. IL’s SOP is bring in $1.00 in revenue, spend $1.50.

Old Joe
2 years ago

Old Joe remembers when they passed the Michigan lottery under the pretense that schools would never hurt for money again.

The end result was that it allowed teachers to retire in their mid 50s with at least 3K per month + paid health care.

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