093_SB1541

 
                                     LRB093 08983 LRD 09215 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
 
                            -2-      LRB093 08983 LRD 09215 b
 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.
 
                            -3-      LRB093 08983 LRD 09215 b
 1        Section  99.  Effective date.  This Act takes effect upon
 2    becoming law.