Maryland Would Keep 70 Percent of Slots Revenue
posted 11:21 am Thu November 01, 2007 - ANNAPOLIS, Md.
Under Governor Martin O'Malley's plan to legalize slot machines, the casino operators would be allowed to keep only 30 percent of the gross gaming revenue.
The balance amounts to a 70 percent tax. Fifty percent would be designated for the state Education Trust Fund and the remaining 20 percent would be shared by the state lottery office, the horse racing industry, local governments where the casinos would be located and the minority and women-owned business investment account. The 70 percent figure would be one of the nation's highest casino tax rates, and industry analysts said it would discourage upscale operations from opening in Maryland. According to Lawrence Klatzkin at Jefferies Equity Research, the thin margin would leave Maryland with mostly low-end facilities with fewer amenities than slots venues in nearby states.
But investment banker Jeffery Hooke said the Maryland proposal is taxpayer-friendly, and he says those licensed to operate slots shouldn't be getting a huge windfall.
Information from: The (Baltimore) Sun,http://www.baltimoresun.com
The balance amounts to a 70 percent tax. Fifty percent would be designated for the state Education Trust Fund and the remaining 20 percent would be shared by the state lottery office, the horse racing industry, local governments where the casinos would be located and the minority and women-owned business investment account. The 70 percent figure would be one of the nation's highest casino tax rates, and industry analysts said it would discourage upscale operations from opening in Maryland. According to Lawrence Klatzkin at Jefferies Equity Research, the thin margin would leave Maryland with mostly low-end facilities with fewer amenities than slots venues in nearby states.
But investment banker Jeffery Hooke said the Maryland proposal is taxpayer-friendly, and he says those licensed to operate slots shouldn't be getting a huge windfall.Information from: The (Baltimore) Sun,
Latest Comment on Maryland Would Keep 70 Percent of Slots Revenue
Donna637
11:04 am on 11/01/07
Look at this another way.
Would you rather play the slots in Maryland, regardless of the casino's digs? Or, how about driving to Delaware instead?
Not a member yet? Click Here to sign up.
Please leave your comments below:
Messages that harass, abuse or threaten other members; have obscene or otherwise objectionable content; have spam, commercial or
advertising content or inappropriate links may be removed and may result in the loss of your posting privileges.
Please do not post any private information unless you want it to be available publicly.
Never assume that you are completely anonymous and cannot be identified by your posts.
© 2007 NewsChannel 8, a division of Allbritton Communications Company-
© 2007 The Associated Press
All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The 'RUNNING MAN' icon is a registered trademark of America Online, Inc.
NewsChannel 8 to leave comments on news stories.