International Game Technology (IGT: 21.07 +5.51%) has announced that it has finalized an agreement with American Vending Sales (AVS) to assist them entering the Illinois video gaming market.
Under the new Illinois Video Gaming Act, Video Gaming Terminals (VGTs) sold through a licensed distributor will be permitted in certain liquor establishments, truck stops and fraternal/veterans clubs in the state MORE
LAS VEGAS, NV--(Marketwire - May 7, 2010) - Aristocrat Technologies, a leading gaming technology company, announced today that, following an extensive review process, it has selected Moss Gaming Inc. as its exclusive distributor for the upcoming Illinois Video Gaming Terminal market. MORE
With hundreds of workers standing behind them in a City Hall corridor, a coalition that would benefit from video gambling today urged the City Council to reverse Chicago's prohibition on the machines.
Video gambling was approved last year by the state legislature as a way to pay for about 30 percent of a $31 billion state construction program. Without Chicago “opting in” to video gambling, the program would lose about $2 billion in total funding, said Doug Whitley, president of the Illinois Chamber of Commerce. MORE
Burr Ridge, Illinois (April 20, 2010): The Funding Stop, LLC, a specialty finance company that provides
direct lending for video gaming terminal (“VGT”) markets nationwide, estimates the new Illinois market
to be between 30,000 and 60,000 units. As the machines roll out quickly over the next three years, the
industry will create thousands of new permanent jobs including route drivers, certified technicians,
security guards, accountants and others. The Video Gaming Act, approved in July, 2009, designates tax revenue to fund capital improvement projects throughout the state creating thousands of additional construction jobs. MORE (PDF)
Edgar Colomb answers timely questions for VGT operators looking to get into the new Illinois marketplace: How much money do I have to put down? What do I need to do for funding? When do I need to secure my funding? MORE (PDF)
CHICAGO -- Alderman John Pope (10th Ward) said he expects that a "large majority" of Chicago's council members will vote to permit video lottery terminals in the city. Chicago's lifting its current gambling ban is considered crucial to the viability of a statewide VLT market in Illinois. "We're interested in putting people to work; we're interested in putting money in people's pockets; and, honestly, we're interested in legalizing what is happening already," Pope was quoted as saying in The New York Times.
To date, more than 70 Illinois jurisdictions have opted out of the planned VLT market, but estimates show that these towns, cities and counties represent 10% or fewer of the state's population. Gov. Pat Quinn and pro-VLT lawmakers hope legalized video gambling will generate up to $500 million in taxes every year from more than 40,000 slot-style games.
The new VLT market in Illinois, which will allow independent operators to run games, was legalized last summer by legislators and the governor. Deployment of machines, which will be taxed at 30%, is expected to begin by the end of 2010. Up to five terminals can be installed in businesses that have licenses to sell liquor for onsite consumption.
The Times said VLT manufacturers and the Illinois Coin Machine Operators Association had reportedly raised $700,000 to fund a pro-VLT lobbying group called Back to Work Illinois. Greg Goldner, a former staff member in Mayor Daley's administration, heads the organization.
Burr Ridge, IL (March 24, 2010)—Crane Construction Company LLC, a 50 year old, Northbrook based construction company, has signed on to become the preferred contractor to customers of The Funding Stop LLC, an Illinois direct lender into the video gaming terminal (VGT) marketplace.
Specializing in pre-construction strategy, site evaluation and on-site management, Crane’s current client list includes some of the state’s most recognizable establishments in retail, lodging, commercial, residential and restaurant brands. MORE (PDF)
As suspected the Illinois Gaming Board will require proof of funding for all would-be VGT operators, saying: the applicant must "demonstrate adequate financing for the business proposed." Adding: "The Board shall consider whether any financing is from a source that meets the [integrity] qualifications…and is in an amount sufficient to ensure the likelihood of success in the performance of the licensee's duties and responsibilities." [Section 1800.420 Qualifications for Licensure]
For the complete Adopted Rules click here.
This alliance will support the anticipated $1 billion demand for Video Gaming Terminals (“VGT”) and accessories related to the recently passed Illinois Video Gaming Act
Burr Ridge, IL (January 20, 2010)—H. Betti Industries, Inc (“Betson”), a leading distributor of coin operated amusement equipment nationwide and The Funding Stop LLC, an Illinois direct finance lender into the VGT marketplace, announced a financing alliance today in support of the recently approved Illinois Video Gaming Act. MORE (PDF)
If your county or community is on the first of these two lists, congratulations. Your local officials have "opted out" of legalized video gambling. They have declared their disgust with the Illinois legislature's decision to bankroll a $31 billion capital improvements bill in part by luring more people into neighborhood gambling. These communities have said: Go somewhere else. MORE
Your editorial "congratulating" the Illinois communities who've thus far opted-out of the opportunity to allow video poker is alarmingly moralistic if not altogether disingenuous for its blatant pandering to the stereotypical politicization of this fully legitimate small-business industry. Every community that has thus far rushed to judgment on video poker has done so without the benefit of a true and comprehensive public dialogue about the realities of video gaming in community bars and restaurants. MORE (PDF)
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Illinois gaming Board notice of emergency rules.
Moss Distributing and The Funding Stop Will Team Up to Provide a One Stop Shop For The Illinois Video Gaming Market
Burr Ridge, IL (October 15, 2009)—The new Illinois video gaming terminal (VGT) market will be highly competitive. High-energy, asset-rich partnerships continue to form as would-be licensees seek to outplay the competition. Moss Distributing, a national leader in the amusement game industry, and The Funding Stop, a niche market expert in video gaming financing, have announced a strategic partnership to provide customized funding packages to VGT operators within the Moss distribution network. MORE
Niche Market Experience and Customized Financing Solutions to Define Burgeoning Market
Burr Ridge, IL (August 24, 2009)—Mere days after announcing their strategic partnership with American Vending Sales, Inc., THE FUNDING STOP, LLC has received applications for over $90,000,000 in funding requests from businesses hopeful to become video gaming terminal (VGT) operators in Illinois. MORE
Burr Ridge , IL August 2, 2009: The Funding Stop, LLC has formed a strategic alliance with American Vending Sales, Inc., to be (pending all necessary regulatory approvals) distributors of video gaming terminals. MORE
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