Illinois General Assembly - Bill Status for HB4601

Amends the Riverboat Gambling Act. Decreases the wagering tax that is set to take effect beginning on the earliest of (i) July 1, 2005; (ii) the first date after June 20, 2003 that riverboat gambling operations are conducted pursuant to a dormant owners license, or (iii) the first date that riverboat gambling operations are conducted under the authority of an owners license that is in addition to the 10 owners licenses initially authorized under the Act. Authorizes the issuance of 2 owners licenses that are in addition to the 10 licenses currently authorized under the Act. Provides that one of the new licenses shall authorize riverboat gambling from a home dock in a municipality with a population of at least 500,000 inhabitants and shall be issued to the governing body of that municipality. Provides that the municipality shall conduct an auction and grant the authority to operate riverboat gambling operations to the highest bidder. Provides that the other new licensee shall operate from a home dock in a specified portion of suburban Cook County. Provides for a special distribution of a portion of the tax moneys generated by the 2 new owners licenses. Increases the number of participants a licensee may admit from 1,200 to 2,000. Provides that the Gaming Board shall determine the number of persons that may be admitted into the facilities of the licensee authorized to operate from a home dock located in a municipality with at least 500,000 inhabitants, up to a limit of 4,000. Provides for a specialized revenue distribution for the riverboats that dock in suburban Cook County. Deletes provisions requiring the payment of moneys from the State Gaming Fund to the Horse Racing Equity Fund. Amends the State Finance Act to create the South Suburban Assistance Fund. Effective immediately.

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