by LEJLA SARCEVIC

Trending: Red Maryland Radio: The Final Episode “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.
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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.

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.

Maryland now has six casinos, including the Horseshoe Casino in downtown Baltimore, which opened in 2014. In the last seven years, these facilities have welcomed tens of millions of visitors. The state of Maryland had quite the fiscal year. On August 12, the Maryland Lottery website announced via press release a number of $1.31 billion for the 2019 fiscal year in its annual report. Of that money, Maryland’s casinos took in a record $542.7 million to fund state education.

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In 2011, casinos contributed $50 million to the Education Trust Fund; in 2013, $284 million; in 2015, $350 million. Projections for last year are $500 million — in total, $2 billion since 2011. If you’ve been wondering about the influx of casino cash lawmakers promised when casino gambling passed in Maryland, you’re not alone. Talk about school.

“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.” Casino bonus real money.

December marked one of the most profitable months on record for Maryland casinos— which generated more than $95 million in revenue. Regrettably, soaring profits for casinos have not resulted in more money for education, as they could have without past changes in state law.

Instead, teachers and staff continue to face layoffs and students have fewer resources than they need because of budget cuts.

Two main factors prohibited education in Maryland from benefiting from increasing casino profits. One was a change in the rules pertaining to how much money the casinos could keep, and the other was a change in how the government would spend the money.

The original legislation that legalized gambling mandated that the Education Trust Fund receive the lion’s share of gambling revenues from slots at five new casinos. About half of the slots revenue went directly to the fund and an additional 18.5 percent to other state programs. The casino companies generally kept no more than 33 percent.

However, in 2012 new legislation allowed all casinos to add lucrative table games, such as poker, craps and roulette. And it allowed the companies to keep 80 percent of the table game proceeds—while also reducing the share of slots money that goes to the education fund.

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Last month, Horseshoe Casino Baltimore reported earnings of $27.2 million the largest percentage increase—19 percent—over December 2015. That figure nearly matched the casino’s record high of $27.5 million set in August. Maryland’s largest casino, Maryland Live, generated $54.1 million from slot machines and table games in December, a 7.9 percent increase. Overall, Maryland casinos outperformed expectations year-to-year (December 2014 to December 2015), with a revenue growth of 11 percent.

Casinos have contributed hundreds of millions to the Education Trust Fund in recent years, despite the legislative changes. However, instead of increasing overall resources for schools, state leaders have shifted money that used to go to education to other needs.

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If contributions to the Education Trust Fund had remained as they were prior to 2012, and gaming revenues had gone solely toward increasing education funding, Maryland schools would have had millions more in support. The governor and lawmakers should reverse this course by mandating a larger contribution from casinos and halting the practice of diverting funds intended for education.