State writes down forecast for slots revenues
Citing competition from other states and the slow recovery from the recession, Maryland's budget analysts wrote down slots revenues over the next five years by 12 percent or $474.3 million.
The new, lower figures are sure to be used in the upcoming session by groups interested in either adding table games to the menu of gaming options in Maryland and expanding gambling to new locations. Additions could include gaming at Rosecroft Raceway or National Harbor in Prince George's County or Frederick County where Sen. David Brinkley recently held a public hearing airing the idea.
In the forecast (p. 18), state budget analysts from Maryland's Department of Legislative Services revise an earlier prediction that revenues at the slots parlors in Cecil County and at Ocean Downs would "ramp up" over time. Now the revenues are expected remain flat.
The new estimate takes a $56 million chunk out of the state's roughly $13 billion general fund budget for this year. Baltimore city's casino, when it gets up and running, is still expected to be the state's second most lucrative, generating $336 million a year in taxes.
The new, lower figures are sure to be used in the upcoming session by groups interested in either adding table games to the menu of gaming options in Maryland and expanding gambling to new locations. Additions could include gaming at Rosecroft Raceway or National Harbor in Prince George's County or Frederick County where Sen. David Brinkley recently held a public hearing airing the idea.
In the forecast (p. 18), state budget analysts from Maryland's Department of Legislative Services revise an earlier prediction that revenues at the slots parlors in Cecil County and at Ocean Downs would "ramp up" over time. Now the revenues are expected remain flat.
The new estimate takes a $56 million chunk out of the state's roughly $13 billion general fund budget for this year. Baltimore city's casino, when it gets up and running, is still expected to be the state's second most lucrative, generating $336 million a year in taxes.
Comments
MD stumbles from one stupid move to the next. The lobbyist control the agenda in Annapolis. Utility deregulation brought to us by the Enron Lobbyist and now slots from the gambling lobby. Who could have predicted that with states surrounding MD going to full casino gambling that this short sighted venture would not provide the predicted revenue? So whats next is the state going to invest in the used car business for revenue?
Posted by: Victor Allen | October 22, 2011 9:51 AM