IL SB1431

Illinois Gaming Board must award riverboat owners licenses to applicants whose plans generate the highest revenue to the State and cause the least cannibalization of existing licensees' revenues.

"Cannibalization" is defined as the diversion of revenues from existing licensees by new owners licensees, and the Board must consider the applicant's ability to attract customers from neighboring states when evaluating cannibalization.

Licensees not conducting riverboat gambling on January 1, 1998 must obtain Board approval for relocation to a new home dock location based on the determination that the new location provides the least amount of cannibalization of existing licensees' revenues.

Relocated licensees must achieve at least 20% minority person and female ownership (at least 16% and 4% respectively) within 12 months of beginning gambling at the new location.

The Act takes effect immediately upon becoming law.