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Fairmount Park will Continue

The Illinois Supreme Court has given thoroughbred racing at Fairmount Park exactly what they wanted. They upheld the 2006 law that requires the state’s four riches riverboat casinos to pay 3% of their slot machine receipts to the horse racing industry in the state.

The court said that the idea that applying the tax only to those casinos that made more than $200 million was unconstitutional was unfounded, and they voted against it unanimously. The law had been thrown out by a Will County judge last year, which sent it to the Supreme Court.

Once the court upheld the law, the $79 million in escrow that the casinos of Aurora, Elgin and Joliet had paid was released. Of that money, $7 million will go to Fairmount Park in Collinsville, thus ensuring them at least another year.

Of that slot machine money, 60% goes to the purses and 40% goes to the tracks for their capital improvements and marketing. The slot machine revenue ends up saving the track without them having to close their doors.

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