As reported in the Washington Post, a bill introduced by Senator Joan Carter Conway, Chair of the Senate Education, Health, and Environmental Affairs Committee draws attention to the effect of casinos switching from slot machines to table games on the State’s education funding.
As described by the Post, from December 2014 through January 2015, three casinos were given approval by the Maryland State Lottery and Gaming Control Commission to replace hundreds of slot machines with table games. Under current law, 20% of table games revenues are distributed to the Education Trust Fund and while in some cases almost 30% of video lottery terminal revenues are distributed to the State’s Education Trust Fund. According to the Department of Legislative Services, Senator Conway’s bill, SB 495, would alter the distribution of table game proceeds such that 30%, instead of 20%, of table game revenues are distributed to the Education Trust Fund.
From the article,
[Senator] Conway says she introduced the bill because she’s worried that as the casinos dump slot machines and add table games, the difference in the tax rates will limit the revenue for the state, the vast majority of which is directed to the state’s Education Trust Fund.
For more information, read the full story here.