Joliet Casinos Losing Money

Revenue from the Joliet casinos has dropped nearly fifty percent in the past ten years. There are two casinos in Joliet, Hollywood Casino, near route 6, and Harrah’s, located right off the Des Plaines River in Downtown Joliet. There is no doubt that the casinos have been a big money-maker for the city but it seems that they haven’t enjoyed the same success as during their peak a decade ago.

According to the Patch website, the casinos’ revenue from wagering and admissions from the year 2007 was $36,168,333. This revenue has decreased steadily every year since. The total revenue from 2016 was $18.4 million. That’s nearly a $16.4 million revenue drop from 2006. The drop may have even contributed to Harrah’s parent company filing for bankruptcy in January of 2015.

Joliet Mayor Bob O’Dekirk told the Patch network, “When you are talking about going from $36 million in 2007 to $18 million (in 2016), that's significant. That's a big challenge. And on our end, the city's costs have not gone down, and we've put the riverboat money into the general fund, whereas some other communities used that for capital funds, new police cars, new fire trucks or to fund snow plows."

The mayor admits that even though “the big boom” for riverfront casinos “is probably over,” both the Hollywood Casino and Harrah’s “clearly have been positive for the city.”

Only time will tell what kind of impact the loss in revenue for two major staples of Joliet will have on the city in the coming years.

(Image curtesy of cdn1.buuteeq website)