Executives of two of the most famous casinos in the state of Maryland – Maryland Live! and Horseshoe Casino Baltimore, announced that they are about to cut down on the slot machines and substitute them with table games.
Casino officials decided to make such an important step with the aim of boosting their revenues. According to the latest reports, Maryland-based players seem more likely to participate in table games rather than playing slot machines.
Currently, there are more than 4,200 slot machines and 189 table games available at Maryland Live!. Maryland gaming authorities have recently received a request for reduction of the number of 300 slot machines and adding table games instead.
Horseshoe Casino officials also requested permission to reduce the number of slot machines to 2,200 and to increase the number of table games so as to reach 177.
The above-mentioned requests were submitted to Maryland gaming regulatory officials who have to give their consent to the slot game limitation.
Members of the Lottery and Gaming Control Commission are going to take their decision during the upcoming meeting this Thursday.
Gambling operators eligible for providing products and services in the state of Maryland are obliged to set aside 20% of the revenue generated via table games for state’s coffers. However, they are allowed to keep only 33% of the revenue from slot machines.
In other words, the availability of slot machines is favorable to the state of Maryland since the money goes to the Education Trust Fund but apparently, casino owners do not have benefit from operating a considerable number of slot machines.
Needless to say, state authorities are well aware of the fact that the reduction of slot machines would have a negative impact on the revenues. What is more, they estimated that if Maryland Live! request is approved, the state will lose approximately $500,000 within a year.
The President of Maryland Live!, Robert Norton, disagreed with the above-mentioned fact and said that casino officials have already decided how to utilize the space which the slot machines currently take. New table games will be placed and in addition, it will also serve as a food and beverage area.
As for the Horseshoe casino, the reduction of slots was estimated to result in losses equal to $260,000 annually. In response, Horseshoe executives said that they are simply trying to remain competitive and to adjust to players’ demands.
During the meeting on Thursday, gaming officials will also take into consideration the fact that the reduction of slot machines available at both casinos would definitely reflect to the state coffers and a lack of money for completing various projects is likely to occur.
Nevertheless, Sen. Bill Ferguson who is also a leader of the Baltimore Casino Local Development Council said that he relies on the state commission to reach the most sensible decision.
