Illinois Casino Revenue Falls as Sports Betting, Video Gaming Take Off
Illinois Casino Revenue Falls as Sports Betting, Video Gaming Take Off (Springfield, IL) (via The Center Square)— With a new multi-billion dollar casino now in the works for the city’s downtown area, Illinois Gaming Board data shows casino revenue in the state is down by $200 million over the past decade.
The dwindling casino numbers started to take form in 2012 as video gaming machines and sports betting facilities began to pop up in more spots across the state.
Data shows that in 2022, video gaming terminals across the area nearly doubled in revenue from $395 million in 2019 to $762 million in 2022. Boasting of providing a more accessible and convenient experience than full-fledged casinos, the machines allow players to place bets on video poker and slot machines in local bars and restaurants.
Chicago Mayor-elect Brandon Johnson has made clear that video gaming revenue prominently figures into his plan for the city, which will first need to legalize such machines, with a spokesperson recently telling reporters, “He is a supporter of legalized video gambling as an important revenue source for critical investments in public safety, transportation, housing and other public accommodations.”
At the same time, the rise in popularity of sports betting has been so meteoric that it eclipsed casino revenue $142 million to $140 million in 2022. Overall, state gaming revenue was up to nearly $1.9 billion in fiscal year 2022, the highest ever and almost 39% higher than in 2021.
With the Chicago City Council having green-lighted the Bally’s casino project during the city’s final meeting of the year, the hope is that project could generate as much as $200 million annually for the city once it opens for business in 2026, with the money having already been earmarked for first responders’ pensions.
As the facility, which will include a 500-room hotel and 3,000-seat theater, is being constructed, a temporary casino in Medinah Temple, 600 N. Wabash Ave. is in review for approval to possibly open this summer.
Illinois Casino Revenue Falls as Sports Betting, Video Gaming Take Off
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