093_HB2942
LRB093 11094 LRD 11825 b
1 AN ACT in relation to gaming.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Horse Racing Act of 1975 is
5 amended by adding Section 34.2 as follows:
6 (230 ILCS 5/34.2 new)
7 Sec. 34.2. Racetrack consolidation.
8 (a) Findings. The General Assembly finds that
9 encouraging organization licensees to consolidate will be
10 beneficial to the horse racing industry. The General
11 Assembly declares it to be the public policy of this State to
12 enhance the viability of the horse racing industry by
13 encouraging organization licensees to consolidate and not be
14 penalized or lose any rights, benefits, or powers by reason
15 of such consolidation.
16 (b) Consolidation. Notwithstanding any provision of
17 this Act to the contrary, if 2 or more existing organization
18 licensees consolidate into a single organization licensee or
19 otherwise form a joint venture, corporation, limited
20 liability company, or similar consolidated enterprise
21 (consolidated organization licensee) whereby the consolidated
22 organization licensee makes application or joint application,
23 as the case may be, as a single organization licensee, or
24 such existing licensees, after consolidation, make separate
25 applications in the names of such pre-existing licensees, the
26 newly consolidated organization licensee or each such
27 separate pre-existing licensee shall thereafter retain and be
28 entitled to all of the rights, benefits, and powers under
29 this Act that would have otherwise accrued to each such
30 individual pre-consolidation organization licensee but for
31 such consolidation, regardless of whether all or a portion of
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1 the facilities of a pre-consolidation licensee are sold,
2 transferred, or otherwise cease to be utilized by the newly
3 consolidated organization licensee or either of the
4 pre-existing licensees. Such multiple rights, benefits, and
5 powers shall include, but not be limited to:
6 (1) the authority to make application for and
7 receive, within the discretion of the Board, racing
8 dates, including host track days, in the same manner as
9 the individual pre-consolidation organization licensees
10 and the racetracks from which the organization licensees
11 derive their licenses;
12 (2) the right to retain the existing inter-track
13 wagering licenses and inter-track wagering location
14 licenses of the individual pre-consolidation organization
15 licensees and the racetracks from which the organization
16 licensees derive their licenses, and the authority to
17 make application for future inter-track wagering licenses
18 and inter-track wagering location licenses in the same
19 manner as each individual pre-consolidation organization
20 licensee and the racetracks from which each
21 pre-consolidation organization licensee derives its
22 license, had or has in its own right;
23 (3) the right to receive the benefits under
24 paragraph (13) of subsection (g) of Section 26 and
25 Section 54 of this Act in the same manner as the
26 individual pre-consolidation organization licensees and
27 the racetracks from which the organization licensees
28 derive their licenses each had or has in its own right;
29 and
30 (4) all existing and future rights, benefits, and
31 powers that the individual pre-consolidation organization
32 licensees and the racetracks from which the organization
33 licensees derive their licenses would have had or
34 received but for the consolidation.
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1 Section 99. Effective date. This Act takes effect upon
2 becoming law.