Tag: Dylan Sharkey

ILLINOIS CASINO REVENUE DOWN $200M SINCE 2012, AS CHICAGO BETS ON CASINO

Mary Pat Campbell

Link: https://www.illinoispolicy.org/illinois-casino-revenue-down-200m-since-2012-as-chicago-bets-on-casino/

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Excerpt:

Chicago is in line for casino gaming soon, but its success is dwindling as video gaming machines and sports betting rise.

The casino industry for decades has been a significant contributor to the Illinois economy, but from 2012 to 2022 its seen a $200 million decline, according to data from the Illinois Gaming Board.

One of the reasons for the decline is the emergence of other forms of gaming which weren’t available to Illinoisans in 2012. Video gaming terminals, for example, have nearly doubled from $395 million in revenue during 2019 to $762 million in 2022.

They allow players to place bets on video poker and slot machines in local bars and restaurants, providing a more accessible and convenient experience than casinos.

Author(s): Dylan Sharkey

Publication Date: 11 April 2023

Publication Site: Illinois Policy Institute

CHICAGO CASINO REVENUE DOESN’T ADDRESS 91% OF CITY PENSION DEBT

Mary Pat Campbell

Link: https://www.illinoispolicy.org/chicago-casino-revenue-doesnt-address-91-of-city-pension-debt/

Excerpt:

The Chicago City Council approved a casino development in the River West neighborhood. The generated revenue will exclusively pay for pension debt, but only an estimated 9% of what the city needs.

The Chicago City Council approved a $1.7 billion casino in a 41-7 vote May 25. The River West development is being touted as a pension solution, but even the highest projections show only a drop in the bucket.

“This one casino project will pay for approximately 9% of our $2.3 billion pension contribution and reduce the likelihood that the city will need to raise property taxes in the future for pensions,” said Jennie Huang Bennet, chief financial officer for the city.

Author(s): Dylan Sharkey

Publication Date: 31 May 2022

Publication Site: Illinois Policy

ILLINOIS CAN SAVE $577M ON PENSIONS BY ADDING A DATE TO A LAW

Mary Pat Campbell

Link:https://www.illinoispolicy.org/illinois-can-save-577m-on-pensions-by-adding-a-date-to-a-law/

Excerpt:

Essentially, all pension debt stems from Tier 1 benefits promised to state employees hired before 2011, like Crenshaw. Tier 2 employees hired after 2011 will likely pay more than their benefits will be worth to subsidize Tier 1 benefits.

Implementing optional Tier 3 plans is one of the solutions to Illinois’ woes set out in the Illinois Policy Institute’s Illinois Forward 2023. The General Assembly passed Tier 3 plans during the fiscal year 2018 budget process. A technical error left an implementation date out of the language, and it hasn’t been corrected since. Lawmakers could fix this oversight for fiscal year 2023, which begins July 1, 2022.

“A lot of times we’re not given the intricacies of how a Tier 3 or alternative pension plan could benefit us,” Crenshaw said.

Author(s): Dylan Sharkey

Publication Date: 3 Feb 2022

Publication Site: Illinois Policy Institute

TO FIX ILLINOIS’ PENSION CRISIS, FIRST CHANGE ITS CONSTITUTION

Mary Pat Campbell

Link:https://www.illinoispolicy.org/to-fix-illinois-pension-crisis-first-change-its-constitution/

Excerpt:

Illinois allocates more of its budget to pensions than any other state, but pension spending has only skyrocketed. A constitutional amendment is the only way to reform the state’s unsustainable and underfunded pension systems.

Daley College Professor Mike Crenshaw is far from retirement, but he constantly worries whether the State Universities Retirement System will be solvent for him.

“I have 20 years until I can retire, and my biggest fear is that the money’s not going to be there,” Crenshaw said.

….

Because pension benefits are defined in the Illinois Constitution, only a constitutional amendment approved by voters could change pension structures. Amending the constitution would open the door to changing the compounding raises to simple inflationary adjustments – protecting the systems for retirees and ending the excessive drain on taxpayers.

Author(s): Dylan Sharkey

Publication Date: 18 Jan 2022

Publication Site: Illinois Policy Institute