Casinos Are One Candidate’s Answer to Pension Problem

Casinos Are One Candidate’s Answer to Pension Problem

A Democratic candidate for governor believes the solution to the state’s pension crisis isn’t the pension reform law, it’s casinos.

Tio Hardiman believes opening up to five casinos owned by the state would fully fund the public pensions within a decade, rather than in 30 years under the recently passed law. Hardiman claims expanded gambling is the cure to most of the state’s financial woes.

“All the revenue would go right into the pension fund. The revenue would also right into the education fund, and also the revenues would go to reducing the deficit,” Hardiman said.

The potential profits, however, appear to fall short of funding the pension system. According to Hardiman’s own plan, the state’s 10 privately-owned casinos – twice as many as Hardiman is proposing – brought in $1.6 billion in 2012. The state’s current unfunded pension liability is estimated to be $100 billion.


Recent Headlines

36 minutes ago in Local

Peoria’s Mayor Responds to “Twitter” Raid

twitter logo

Police raid home and seize computers over false Twitter account

today in Local

Ag Director Is Optimistic about Fair Repairs


$86 million impact last year

today in Local

Police Action Shooting in Lincoln Kills a Man


State police say he was armed and in an altercation with a woman.

today in Local

Juvenile Sentencing Alternative Saves Money, State Says


$60 million since 2005

yesterday in Local

Top GOP Candidates Differ on Immigration Reform


The top two Republicans on this year’s ballot don’t agree when it comes to immigration reform. The state’s Republican nominee…