Chicago casino: taxmen think again

There is now a good chance that Chicago, US, will get a casino after all.

Last year the state of Illinois passed legislation permitting a casino in the city but put into place eye-watering tax levels that totally discouraged anyone from applying for a licence.

Now the legislature has passed a bill that will reduce that liability from 72 per cent of the revenues, or around $850m a year, to $500m.

Another factor newly introduced is the time that a casino would have in which to pay a “reconciliation fee” of $700m from two years to six years.