Casino News

Illinois' $500 million casino license hit by economy

2008-11-24 12:11:22

A new casino license that was expected to be worth upwards of $500 million to the state of Illinois has felt the impact of the economic downturn, it has been reported.

Just three operators are bidding for the Des Plaines license and none of them have offered an amount approaching the money the state was initially after, according to the Chicago Tribune.

And with huge casino companies such as Harrah's Entertainment, Las Vegas Sands and Crown Casinos all withdrawing from developments in recent months due to the credit crunch, it is possible that the current bidders may have to scale back on their proposals or pull out altogether.

Bill Eadington, director of the University of Nevada-Reno's gambling institute, commented: "We're facing the biggest economic recession in 75 years.

"I wouldn't be surprised if the companies that made bids a couple months ago could no longer justify them."

Despite economic concerns, casino proponents in Atlanta are still claiming that allowing gambling in the region will boost the local economy, the Atlanta Journal-Constitution reports.