These days there is little good news coming out of the city of Chicago, Illinois. That’s unless, of course, you’re a fan of the Bulls or Barack – and even with those guys it usually depends on the day of the week.

Things may have taken a modest turn for the better last Wednesday, when the Illinois Senate passed a gambling expansion bill that should pump some much needed revenue into the underfunded state.

More specifically, Illinois will see the addition of five new casinos and 1,200 slot machines at race track locations. One of those casinos is destined for the Windy City itself. All totaled, the current expectation is that the state will see $1.2 billion in one-time revenue from initial licenses and $269 million in annual revenue once fully implemented.

Despite these huge dividends, the bill had to fight its way past Governor Pat Quinn, who was critical of earlier draft legislation. This was due to perceived problems with ethical standards, oversight and planned use of gambling revenue.

“We’re pleased to see several ethics improvements and others at the request of the governor. We continue to work with lawmakers to make additional refinements,” read a statement released by Quinn’s office.

If planned use of revenue is such a big sticking point, it begs the question: where would the governor like to see that money go?

For that answer you need to look no further than Obama’s former Chief of Staff and current Chicago Mayor Rahm Emanuel. The mayor has been adamant that a portion of casino revenue will be funneled into an ailing public school system.

Chicagoans and visitors to the city will also be able to play casino slots at the city’s two major airports: O’Hare, the world’s third busiest airport, and Midway.