-- Connecting the dots between our economy, government and business --
Despite a continued downturn in wagering, Illinois sportsbooks notched all-time monthly highs in revenue and handle for November. ("Handle" means total amount wagered.)
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
The most interesting part of the article is that the Bally’s Casino generated only $1.3 M in revenue in November, well below expectations and budget projections. Yes, location is an issue, and yes, the new casino will be bigger and “prettier” but one wonders if it will be the win everyone is expecting. Also can’t help but wonder if betting on betting revenue for budget purposes is a sound fiscal policy.