Casino owners can rest easy — the state won’t be going after more of their earnings.
Mayland Senate President Mike Miller on Wednesday quickly shot down any chance of a tax increase on gaming revenue during the Annapolis Summit moderated by radio show host Marc Steiner.
Maryland’s casinos already pay the highest rates in the country, Miller said.
Casinos in Maryland must contribute a portion of their earnings into the state’s Education Trust Fund. Currently, 15 percent of table proceeds go to the fund while the percentage of slots revenue varies from casino to casino, according to Maryland Lottery and Gaming. Another 5 percent goes to local impact grants.
On average, Miller said casinos contribute about 40 percent of their earnings. In Las Vegas, Miller said casinos only pay about 8 percent in taxes.
“We have the highest tax anywhere in the U.S. and we put more money into Gamblers Anonymous than any other state,” Miller said. “These industries are paying a very, very high tax. It’s…Read the full story from the Washington Business Journal.
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