The “3% money” is in….$141 million to Illinois horsemen
By Mike Porcaro
Midwest Thoroughbred
Is the wait finally over and the weight finally lifted off the backs of Illinois horsemen who have sought to retrieve money owed them from riverboat casino interests since 2006?
That is what is being reported by several industry sources as Illinois horsemen stand to receive $141 million, which has been accumulating in escrow for nearly 5 years. The money has been at issue since 2006 with several court rulings in favor of racing. Since the law was passed in 2006, which ruled that 3 percent of the earnings of Illinois riverboats must be allocated to horse racing, the amount owed has ballooned from $78 million to $141 million with interest payments.
According to some industry sources, including Illinois Racing Board Executive Director Marc Laino, the money could start to make its way to purses soon. “It’s all going to take shape this week,” Laino told the Bloomington (IL) Pantagraph.
The money would be added to the purse accounts of Illinois’ five major racetracks, including Arlington Park, Fairmount Park, Hawthorne Race Course, Balmoral Park, and Maywood Park.