Argosy Casino in Alton, Illinois recently posted a decrease in admissions of nearly 15 percent from July 2015 through June 2016, according to a report by the state Commission on Government Forecasting and Accountability. The report also indicated the casino, which opened in 1991 as the first in the state, posted an 11 percent decline in revenue, resulting in a drop in state revenue from .8 million in 2013 to .2 million.
Overall Illinois riverboat casino revenue was down 2.1 percent, and admissions were down 4.1 percent in the period of the report. Those declines led to a $15 million loss in tax revenue. For every admission, the casinos pay the state a tax of $2-$3. Local governments receive about $1 of that tax.
The report stated the drops primarily are due to “increased competition from video gaming,” which generated a 3.8 percent increase in tax revenue, or $1.2 billion, for the state in the fiscal year. As of June 30, the state had 23,891 video gaming terminals, an increase from 20,730 in June 2015. “This additional amount of terminals is the equivalent of adding two casinos the size of Alton’s Argosy Casino to the area,” the report said.
Neighboring states posted higher revenue than Illinois in fiscal 2015. Indiana posted $2.1 billion, Missouri $1.7 billion and Iowa $1.4 billion in revenue. However, only Iowa and Missouri had revenue increases the past two years.
The Commission on Government Forecasting and Accountability, a bipartisan, joint legislative commission, provides the state legislature with information relating to the Illinois economy, taxes and other sources of revenue plus debt obligations.
