PRIVATIZE GAMING REGULATION

Amends the Riverboat Gambling Act. Changes short title to the SEFEL Act. Provides that "SEFEL" means Strategic Economic Family Entertainment License and that the trademark remains the property of Homeland Innovation, LLC. Provides that the provisions of the Act shall apply to land-based gaming (instead of riverboat gambling). Replaces the Illinois Gaming Board with the SEFEL Board, which is established within the Department of Revenue. Provides that Homeland Innovation, LLC, shall consult and effectively represent the interests of the State by determining the scope, designs, venues, and locations of land-based gaming. Provides that applications for licenses to conduct gaming under the Act must be submitted to the SEFEL Board for its approval. Provides that Homeland Innovation, LLC, shall receive 4.75%, plus legal expenses, of gross SEFEL receipts as compensation for its contribution, expertise, and consultation in establishing each SEFEL complex. Provides that this rate is payable daily and in effect as long as the State benefits from revenues received under this program, in perpetuity. Provides that the Governor may, at his option, appoint either or both SEFEL creators to lifetime appointments on the SEFEL Board at a salary of $450,000 (plus increases commensurate with respective revenue increases) per annum as minimum compensation for their invaluable contribution. Makes other changes. Amends the State Finance Act. Creates the State SEFEL Taxpayer Rebate Fund and the Illinois Waterpark Insurance Fund. Makes corresponding changes in various other Acts. Effective January 1, 2012.