5/22/2011 - TOPINKA: TIME IS NOW FOR CHICAGO CASINO
Proposes quarter of state proceeds go toward debt, rainy day fund
CHICAGO – Illinois Comptroller Judy Baar Topinka on Sunday encouraged the General Assembly and her fellow Republicans to move forward with authorizing a new casino in the city of Chicago before the end of the Spring Legislative session on May 31.
The public request comes after Chicago Mayor Rahm Emanuel expressed qualified support for the plan, and Illinois Gov. Pat Quinn indicated a willingness to discuss the issue. Given the opportunity, Topinka said the General Assembly should move forward immediately with the project – and benefit from the new jobs, visitors and revenue it will bring to the city of Chicago and the state of Illinois.
“This is about putting people to work, attracting visitors and conventions to our signature city, and bringing in dollars for the state,” Topinka said. “With just more than a week until the end of spring session, time is of the essence. It is time to move forward with plans for a casino in the city of Chicago.”
While revenue estimates will depend upon negotiation, Topinka said a Chicago casino would bring the state hundreds of millions of dollars annually. To give a sense, she noted that the Grand Victoria Casino in Elgin is currently the state’s highest revenue generator, with $286 million in adjusted gross receipts in Fiscal Year 2010, and $116 million in tax revenues for state and local governments – and that does not include license payments.
Today the Comptroller’s office has more than $4 billion in unpaid bills dating back to December 2010 – and expects to end the fiscal year with more than $8.3 billion in unaddressed obligations. On Sunday, Topinka proposed that at least 25 percent of Chicago casino proceeds be used to pay down debt and re-establish a “rainy day” fund.
Topinka stressed the importance of leaders working together to pass the authorization, and encouraged members of her Party to support the initiative. The question at hand is whether to put one of the state’s casinos in its largest city, and not whether one supports state-authorized gambling.
“The gambling ship has sailed in Illinois, as evidenced by Lottery, riverboat casino and OTB business taking place daily across the state,” she said. “Republicans have traditionally created obstacles when it comes to any proposals involving gaming, and it is time for that to end. When you consider the potential revenue involved and the immediate economic benefit of a Chicago casino, the decision to proceed should be an easy one.”
