Las Vegas Casinos Suffer A Setback
Closing of riverboat gaming industry in the Illinois state would affect the revenues of the big casino companies in Las Vegas. The Illinois riverboat gaming industry would be shut down as the bill was approved for the termination of its operation. The move will reduce the state budget by $800 million annual gaming taxes and will deprive more than 9,000 people of their jobs directly while more than 50,000 job will be effected indirectly. $5.2 billion taxes are generated by the casinos of which two third is used by the state’s education system.Of the nine floating casinos four are owned by the three Las Vegas gaming companies – the MGM Mirage, Boyd Gaming corp. and the Harrah’s Entertainment. Many consider the passing of the bill as a man made disaster that will have the same effect as the hurricane Katrina has on Mississippi. Harrah’s Entertainment earned revenue of $38.5 million on its two Illinois riverboat casino, the Joliet and Metropolis. Grand Victoria riverboat in Elgin earned the highest revenue of $33.4 million in September 50% of its ownership belongs to the MGM Mirage.
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