In its 2024 wagering update, the Illinois Commission on Government Forecasting and Accountability noted expansion in a number of gaming-related industries. The report provides information on the Lottery, horse racing, video gaming, sports betting, and casino operations throughout the state.
During the first eleven months of 2024, Illinois’ gambling tax income increased by 4.8% to $2.08 billion. Changes brought about by the 2019 gaming expansion package and subsequent laws are mostly responsible for this rise.
According to the commission, “The most significant increases have come from the video gaming and sports wagering industries. Other new projects are expected to expand gaming further, including the development of three permanent casinos in Illinois, one of which is to be a 4,000-position Chicago Casino.”
Adjusted gross receipts (AGR) from Illinois casinos also climbed significantly, totaling nearly $1.62 billion for FY2024, a 13.2% increase year-over-year.
New Casinos Drive Growth
The commission credited much of the growth to new casinos in Carterville and Chicago. These establishments have helped reverse a decade-long decline in casino revenues.
“With this growth, the FY 2024 AGR total continued to grow beyond recent pre-pandemic levels and appears to indicate a reversal of the generally downward trend of casino revenues over the past decade,” the report noted.
Despite increased revenue, the average tax rate on gaming decreased. The rate dropped from 27.3% in FY2020 to 20% in FY2024, benefiting operators while sustaining the state’s revenue stream.
Illinois’ gaming industry continues to evolve, with new casinos and projects fueling revenue growth. The report underscores the state’s successful efforts to revitalize its gaming sector.
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