Bill Status of HB4112 95th General Assembly
Short Description: RIVERBOATS-PURCHASE POSITIONS
Rep. Michael J. Madigan - Tom Cross
|Session Sine Die
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Riverboat Gambling Act. Provides that the Illinois Gaming Board shall offer a total of 6,000 gaming positions, in blocks of 250 each, pursuant to an open and competitive bidding process. Provides that any person may bid and be awarded the gaming positions, regardless of whether the person is an owners licensee under the Act, but a gaming position so acquired must be in use on the riverboat of an existing licensee within 2 years after the purchase of the gaming position or the gaming position reverts back to the Board, and the Board may re-issue the gaming position in the same manner. Sets forth criteria under which a person may be ineligible for positions. Provides that a person who knowingly makes a false statement on an application to obtain a position is guilty of a Class A misdemeanor. Allows for the sale, lease, or transfer of positions, subject to Board approval of the purchaser or transferee and the terms of the sale, lease, or transfer. Provides that all tax revenues attributable to the adjusted gross receipts of those positions shall be deposited into the Building Illinois for Tomorrow Fund. Requires owners licensees to pay into the Horse Racing Equity Trust Fund an amount equal to 1% of adjusted gross receipts from the new positions. Makes other changes. Amends the State Finance Act to create the Build Illinois for Tomorrow Fund. Effective immediately.