Mar 10, 2009
Maryland’s bad timing
Here’s another huge piece of evidence that Maryland waited too long to approve slot machines.
The Associated Press is reporting that the 11 casinos in Atlantic City, N.J., reported a 19.2 percent drop in revenue last month, the biggest monthly decline in the state’s 30-year history of legalized gambling. Every casino in the city saw a decline, most by 20 percent or more, and some by nearly 30 percent, according to the state Casino Control Commission.
The AP story says the figures “provide further evidence that the recession and stiff competition from slots parlors in Pennsylvania and New York are putting a beating on the nation’s second-largest casino market.”
So here’s a question: At this point, why would any company want to put up the substantial capital necessary to open a slots parlor in Maryland?
ED WALDMAN, Managing Editor/Business
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The logic you’re using is flawed. Maryland didn’t wait too long to approve slot machines. The mortgage/financial crisis occurred. Neither the approval of slots or the economy is a cause or effect of the other.
As for who would want to put up cash — long term investors. Put up a slots location and you’re guaranteed to have people dumping their money there. If you have the financial wherewithal to get it started, you’ll be sure to have a steady revenue stream. Whether you profit or not, of course, depends on a number of factors, including how you manage your business.