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Maryland is experiencing a rude awakening regarding their big plans for slot machines.  Requests for slot machines fell well below the number anticipated by the state.  Equally disturbing is that two of the six potential operators bidding for slot machines failed to come up with the required $22.5 million in upfront fees.

The hopes that slot machines would be a deciding force in helping Maryland bridge budget deficits have been all but dashed.  The big plans that the state had for slot machines just do not seem to be working out.  Bidders have only come up with enough money for 6,500 slot machines.  Maryland has allowed for 15,000 slot machines to be in operation and fully anticipated bidders would have funded no less than 10,500 slot machines to start with.

“I would certainly think it's fair to say that the economy certainly has had some impact on the submissions,” said Donald Fry, the chairman of the commission reviewing proposals to decide which bidders will receive licenses.

The process has been very messy in some areas.  Magna Entertainment Corp., bid for 3,000 slot machines at the Laurel Park track in Anne Arundel County.  Empire Resorts bid for 750 slot machines in Allegany County.  Unfortunately, both of these companies have failed to include the $3 million fee required for every 500 slot machines requested.

Maryland was expecting about $90 million in upfront fees for slot machines.  Unfortunately they have only amassed $39.3 million.  The $90 million would have helped the state managed the $2 billion budget deficit they are facing.

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