Thursday, October 11, 2012

Not Quite As Advertised

Supporters of the move to expand gambling in Maryland (Question 7) have been claiming that it will bring in $200 million in additional state revenue.

That may be off by half.

According to this story by Gary Haber in the Baltimore Business Journal, almost half of the “revenue promised from adding a casino in Prince George’s County and table games at Maryland casinos is existing gaming revenue…”

And that whole thing about how this gambling expansion will help our schools?

“Cutting casino tax rates for casino operators to compensate them for lost business from a Prince George’s County casino will reduce the amount of money a casino expansion would contribute for education funding, the report said.”

The study, conducted by the Maryland Policy Institute, also found that, of the revenue from a new casino in Prince Georges County, only “22 to 24 percent will come from out-of-market visitors.”

You can find the complete study here.
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