SB2931 Summary

• Illinois Gaming Board must award riverboat gambling owners licenses to applicants whose plans generate the highest state revenue and cause the least cannibalization (revenue diversion) from existing licensees.

• "Cannibalization" is defined as the diversion of revenues from existing licensees by new owners licensees, with the Board considering applicants' ability to attract customers from neighboring states when making determinations.

• Licensees not conducting riverboat gambling on January 1, 1998 may apply to relocate to a new home dock location upon license renewal, subject to Board approval that the new location provides for the least amount of cannibalization of existing licensees' revenues.

• Licensees relocating under the relocation provisions must achieve at least 20% minority person and female ownership (16% minority and 4% female respectively) within 12 months of beginning operations at the new location.

• The act takes effect upon becoming law, amending sections 7 and 11.2 of the Riverboat Gambling Act (230 ILCS 10).