SPRINGFIELD – An audit has found that state law doesn’t allow the transfer of millions of dollars that are due to the Illinois horse racing industry. The money is accumulating in a Gaming Board account.
Auditor General William Holland says the money was generated by a riverboat casino that opened in Des Plaines. It’s supposed to go for horse racing in Illinois and to Chicago State University. Fifteen percent of its receipts are due to the Horse Racing Equity Fund and 2 percent to Chicago State.
Legislators never changed the law to allow it. Now racing officials say there’s $115 million sitting in the account that is supposed to shore up sagging race purses.