Md. Expanded Gambling Bill Overview: What It Means

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credit: Joe Raedle/Getty Images

credit: Joe Raedle/Getty Images

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ANNAPOLIS, Md. (CBSDC/AP) — Gov. Martin O’Malley signed legislation that will give voters a chance to decide whether to approve table games like blackjack and a casino in Prince George’s County on Wednesday.

Here is an overview of the legislation.

TABLE GAMES

Casinos would be allowed to have table games like poker and craps. If approved by lawmakers and voters in November, table games could start early next year at a 20 percent tax rate for the state.

PRINCE GEORGE’S CASINO

A casino could be built in Prince George’s County with table games and 3,000 slot machines, if passed on the ballot and county voters approve. The allowable area includes National Harbor and Rosecroft Raceway. Applicant proposals could include bids to keep between 33 percent and 38 percent of the revenue.

VETERANS ORGANIZATIONS

Veterans groups could have five instant pull tab gambling machines at their facilities.

MORE COMPETITION

Maryland Live! in Hanover would pay 8 percent less tax to spend on promotional costs and capital improvements to offset added competition from a Prince George’s casino. It now keeps 33 percent of revenue generated by the casino.

A planned casino in Baltimore would get a 7 percent tax cut.

The Worcester County casino’s share goes from 33 percent to 43 percent in July 2013.

A planned casino in Allegany County would get 50 percent of its revenue for 10 years and 43 percent after that.

HOW MUCH FOR MARYLAND?

About $174 million would go to education in fiscal year 2017, assuming a license has been awarded for the Prince George’s casino, which can’t open until 2016. That would go up to an estimated $199 million in fiscal year 2019.

AROUND THE CLOCK

Casinos would be open 24 hours.

WHO OWNS THE SLOTS

Maryland Live! would get an added 8 percent tax cut for buying or leasing slot machines, instead of the state. Other casinos could get a 6 percent tax cut for owning machines.

(TM and Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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