Governor Pritzker Approves $45 Billion "Rebuild Illinois" Plan That Includes Gambling Expansion and Sports Betting

The Rebuild Illinois action plan, worth $45 billion, was confirmed, sealed and approved by this state’s Governor, JB Pritzker. This “most robust capital plan in Illinois history,” as it’s lauded as, will provide a most significant gaming expansion and finally introduce sports betting.

The plan will create 540,000 new jobs and will see big investments in infrastructure such as roads, bridges, railways, universities, childhood centres and other facilities of great importance.

A Job Creation Plan

This package is bringing four separate bills together…

…and, as Pritzker himself details, the historic plan will help fix problems that have existed for decades, create solid jobs, improve communities for the next generation and all will be done together, across party lines.

“The Rebuild Illinois plan transforms our state’s approach to transportation infrastructure, finally treating our roads, bridges, and railways like 21st century investments and not relics of the past. We’re also making critical investments in our higher education institutions, our crime lab and veterans’ homes, early childhood centres, and expanding broadband access to communities across Illinois.”

He went on to add that these investments will create and thousands of new jobs, calling it more than in infrastructure plan, but rather, a job creation plan in a scale that was never before seen in this state.

What’s in it For Gambling?

The gambling expansion bill – SB 690 – would authorize the development of six new land-based casinos in Illinois. The locations of these properties…

…are said to be Chicago, Danville, Williamson County, South Suburbs, Rockford and Waukegan. Slot machines are also going to be added at the Midway and O’Hare airports.

Legalization of sports betting – making this state the latest to this vertical on a regulated level – means that casinos, racetracks and sports venues that can accommodate 17,000 spectators or more can pursue a sports betting license.

Big Annual Revenue Estimate

The licenses will be handed out by the Illinois Gaming Board, the official regulatory body in this state…

…and all the operators that become licensed can go about offering their sportsbook services immediately. This particular gambling vertical, it is forecast, will contribute on a yearly level with between $58 million and $102 million, and these funds will be dedicated to infrastructure projects such as universities, affordable housing and hospitals.

All s must be set up at a licensed gaming facility for the first 18 months – within 540 days of the first license being awarded, applications for one of three online sports wagering licensees can be accepted by the regulator. The fee for one of those licenses would stand at $20 million and can be renewed after four years for $1 million.

Operators will need to pay a 15% tax on gross gaming revenue per month. They will also be allowed to gain access to official league data but betting on college teams will still be forbidden in Illinois.

Source:

“Gaming expansion for Illinois in $45bn action plan”, casinobeats.com, July 1, 2019.