With increased competition and shrinking casino revenues, the title — and local tax windfall — may be far less meaningful in the years ahead. The gambling expansion bill, signed into law by Gov. Pritzker in June, opens the door to everything from sports betting to so-called racinos at horse racing tracks. It provides for six new casino licenses and allows existing casinos to increase the number of gaming positions, measures aimed at reversing a decline in casino revenues statewide. A Chicago casino has yet to get any traction, in large measure due to what analysts say is a prohibitive tax structure, including a Last month, the Illinois Gaming Board recommended the state consider making modifications to the terms of the Chicago casino to make it more financially feasible for developers. The gaming board has set an Oct. Sincewhen standalone slot and poker machines were allowed in bars, restaurants and truck stops, casino revenues have steadily declined. Today, Illinois has 30, video gami...