Windy City Mayor Lori Lightfoot (D) may have won a battle but is still losing the war. The Illinois Lege has passed—and Gov. J.B. Pritzker (D) has signed—a ‘relaxation of Chicago‘s 72% casino tax, a burden so onerous it would ensure that any gambling house built would lose money. However, the improvement in the new bill is difficult to discern. Basically, the new law would negatively incentivize casino development by making it more profitable for developers to keep a casino (and its grosses) small. Revenue from slots would hit 75% if revenues exceeded $1 billion, with a baseline of 22.5%. The maximum installed slot base would 4,000 machines. Table game taxes would start at 15% and escalate to 35% if revenues hit $375 million.
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