Supreme Court won't hear Massive Takings Case

Crain's Chicago Business reports:

The Supreme Court declined Monday to hear a closely watched case by four Chicago-area casinos that appealed a state tax imposed in 2006 to support the Illinois horse-racing business.

The Illinois Supreme Court upheld the tax, reversing a lower court decision, by finding that a tax is by definition does not violate the constitutional "takings" clause, or the principle that government cannot take private property for public use without just compensation.

The casinos object to a law that forces them to transfer of millions of dollars to ailing horse tracks.

The high court let that ruling stand Monday without comment.

This is a rather big deal.