What's new
Streak Gaming Online Gambling Forum

Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Maryland casinos seek to reduce minimum slot payout!

Users who viewed this discussion (Total:0)

vixen777

Owner
Staff member
Joined
Jan 14, 2008
Messages
45,958
Likes
288
#1
I won't be ever gambling in Maryland!!!


Maryland casinos earned record revenue in fiscal 2015 but operators are seeking permission to ensure they take in even more next year.

Maryland’s Lottery and Gaming Control Agency reported that the state’s five casinos generated revenue of $1.038b in the 12 months ending June 30.
That’s $204.2m more than the previous year, largely thanks to the state’s newest casino, Horseshoe Casino Baltimore, which opened one year ago on Wednesday

Market leader Maryland Live earned $626.2m for the year, down only $28.2m from fiscal 2014, demonstrating its resiliency despite the new kid on the block getting all the attention.

Maryland Live’s take was more than twice the Horseshoe’s $236m, although the Shoe had two less months of earning opportunities.
Comparisons aside, the Shoe still took in far less than the $425m its parent company Caesars Entertainment expected, a shortfall the company blamed in part on the race riots that plagued the city earlier this year.

company blamed in part on the race riots that plagued the city earlier this year.

The casinos kept just 51.9% of their total revenue, with the rest going to the state government.
Both parties stand to keep a little more revenue in future years now that the Maryland Lottery and GCC is set to approve
its casino licensees reducing the minimum average payouts on their slot machines.

In June, the Baltimore Sun reported that the casinos had requested lowering the minimum payout to 85% from its existing range of 90% to 95%. On Thursday,
the Commission will reportedly recommend a new range of between 87% and 95%. Maryland law establishes a floor of 87% for slots payouts,
which compares favorably with the 85% minimum in Pennsylvania and Ohio, 83% in New Jersey and 80% in super stingy West Virginia.



SOURCE-
 

Top