Maryland Horse Racing Industry Hopeful Thanks To Brand New CasinosThree More Properties Mean More Revenue For Struggling Racetracks |
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In Maryland, the brick-and-mortar casino industry helps keep horse racing alive. With brand new casinos scheduled to be built in the state, those within the horse racing industry are feeling more confident and hopeful about the future, according to reporting from The Washington Examiner.
Maryland’s voters approved a plan last year that would mark a big increase in gambling in their state, most notably with the addition of table games and new casino resorts.
According to The Examiner, Maryland racetracks received nearly $35 million in casino revenues in 2012. A total of $26.4 million went toward prizes.
“The more casino revenue that comes in, the better the horse racing industry in Maryland will be,” a Maryland gambling analyst told The Examiner. “It makes a big difference in terms of helping bolster the industry.”
Currently, Maryland has three casinos, but three more are on the way thanks to the authorization by the legislature and voters. One will be a Caesars property in Baltimore, and another project is being sorted out for Prince George’s County.
The Prince George property could come to down MGM Resorts International, one of the most powerful casino operators in the world, which is based out of Nevada, and Penn National Gaming, which is based out of Pennsylvania. Each are proposing massive projects close to $1 billion.
“Imagine when MGM goes in at National Harbor — it’s going to be huge,” a member of the Maryland Horse Industry Board told The Examiner. “The appetite for gambling astonishes me.”
Maryland’s horse racing industry will get one percent of the casino revenue, so more casinos me an even bigger chunk of change. Some of the tracks need renovations and improvements. Neighboring states have put the pinch of Maryland as well.
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