Md Casino Education Money Market
Md Casino Education Money Market Fund

by LEJLA SARCEVIC

Players spend more than $1.5 billion a year on Maryland lottery tickets and get about $1 billion back in winnings -- on average, a 50-cent return for every dollar they spend.

Md Casino Education Money Market

Here’s where the money they lose goes:

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$20 million to pay off the Orioles and Ravens stadiums in Baltimore. Lottery revenue covers the debt service on Camden Yards, built for $205 million and opened in 1992 and M&T Bank Stadium, built for $229 million and opened six years after Camden Yards in 1998. Camden Yards is set to be paid off in December 2019 and M&T Bank Stadium in March of 2026.
Starting this year, the state will spend an additional $20 million a year to finance a $1 billion Baltimore school construction program. The project will see 30 to 35 renovation and replacement projects across Baltimore with construction starting late next year and expected to take 6 to 7 years.
Over $100 million to lottery retailers as sales commissions.
About $500 million to the budget’s general fund, which pays for government operations and programs. State officials say that lottery revenues are vital for the state’s economic health and are the fourth-largest source of general revenue money, after income, corporate, and sales taxes. Even so, lottery revenues account for only 2 percent of the general fund.

But the state has come to count on that 2 percent to help meet its legal obligation to balance the budget each year, officials say.

“You could easily say that we’re supporting education, or you could proportion it however you like,” said Warren Deschenaux, director of the Department of Legislative Services. “But if we took the lottery out, we couldn’t afford what we provide now.”

Less than a year after Maryland voters overwhelmingly passed “Question 1: The Gambling Revenue Dedicated to Education Lockbox Amendment,” Baltimore politicians are proposing to divert money from it to pay for the reconstruction of the Pimlico Racetrack.

The plan is part of an agreement to give still more public money to the owners of Pimlico for facilities renovation. The arrangement is intended to keep the Preakness Stakes at the northwest Baltimore track. Yet, from 2010 through 2018, Maryland’s horse racing industry, including breeders and the harness racing tracks, have already received $415 million in state financial support. Of that about $66 million has gone to racetrack facilities.

Md Casino Education Money Market Fund

According to the Baltimore Sun: “Crucial to the plan is convincing lawmakers to extend the life of a subsidy for the tracks called the “Racetrack Facilities Renewal Account.” The state’s casinos each pay a certain percentage of their slot machine profits into the fund, which is used for upgrades at the tracks.

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“Backers of this new Pimlico and Laurel proposal want to use that money to help pay off $348 million worth of bonds, to be issued by the stadium authority, that would finance most of the $375.5 million redevelopment. But casinos are only required to pay the money for 16 years after they open. So, the racetrack renewal money will start running out in 2026 and be gone after 2032. For the plan to work, lawmakers would have to change state law to extend the payments from casinos to cover the 30-year payback of the bonds.”[i]

Buried in this description is the bottom line. Extending the length of time payments are made to pay for racetrack facilities comes with a cost to education. Payments that would have begun flowing to education as soon as 2026 will instead be earmarked to continue subsidizing racing through at least 2050.

A Baltimore Sun editorial let its boosterism get the better of it by brazenly misrepresenting the proposed deal. The paper ignored that money will come at the expense of the “lockbox” for education.[ii] At a minimum, this means that a further $119 million will now be diverted from Maryland education to support horse racing.

Do not let their attempted sleight of hand surprise or fool you. They already warned us.

Last year, during the consideration of the “Casino Lock Box for Education” referendum, a skeptical Baltimore Sun editorial explained how easily the “Lock Box” could be breached, commenting: “We hate to break it to you, Maryland, but you’re being taken for a ride again.”[iii]

Truer words are rarely spoken by the Sun.