The State of Illinois’ share of tax revenues from wagering dropped in the fiscal year that ended on June 30 to $1.215 billion, a 13.4% decrease from FY 2019 levels.
“This decline is in large part due to the negative effects of the pandemic on gaming operations which saw casinos and video gaming play suspended in Illinois from March 16th to June 30th,” according to an annual report released today from COGFA, the Illinois Commission on Government Forecasting and Accountability.
Casino gaming transfers fell from $269 million to $195 million; video gaming tax revenues paid into the Capital Projects Fund droppedfrom $395 million to $376 million;Lottery transfers declined from $735 million to $638 million; and State-related horse racing revenues held flat at $6 million.
All the details you might want are in the COGFA report. Props to it for the reporting and transparency it provides on the gaming industry in Illinois.
-Mark Glennon
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.
Lottery tickets and gambling are free will taxes, unlike sales, real estate and other taxes. ?
Gambling is a voluntary tax disproportionately paid by the poor and ignorant.
It is a way for the state to steal from the families of gambling addicts.
Got to love government.
What about online gambling? Thats where all the $ are at. Casinos, vidio machines, horse racing cant compete
Yes, but pot revenue is still strong. The Dem’s plan that Illinois’ financial future rests on drugs and gambling is still doing just fine.
Money is fungible and income is finite. The more people gamble and spend on marijuana, the less they spend on other things or save for a rainy day. I suppose the state capturing this tax revenue is better than drug dealers and bookies, but at some point, both those revenue sources will reach saturation levels.
Nixit – economists almost uniformly agree with your point. One thing I don’t like about gambling is the negative externalities and social costs which obtain. made worse if the customers of the casino are local as opposed to out of state or region (i.e., Las Vegas). The politicians don’t mention these social costs, but they are real.
Ripping off poor dumb people. Isn’t that the whole point in Illinois?
And the sin taxes are nothing compared to the real extortion and racketeering going on in real estate taxes. I’ve saved $18,000 on real estate taxes alone in the three years since escaping Illinois.