Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Maryland > Washington, DC suburbs in Maryland
 [Register]
Washington, DC suburbs in Maryland Calvert County, Charles County, Montgomery County, and Prince George's County
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-31-2012, 12:59 PM
 
2,429 posts, read 3,565,698 times
Reputation: 395
This is an interesting article about a Laurel/MD native, a professional poker player, that just won the world poker tournament after experiencing many ups and downs.

Laurel’s Greg Merson wins World Series of Poker and $8.5 million - Rosenwald, Md. - The Washington Post

Here is an article on his back story.

From dropout to poker star: Greg Merson is ready for WSOP championship - Rosenwald, Md. - The Washington Post
Reply With Quote Quick reply to this message

 
Old 10-31-2012, 01:15 PM
 
Location: It's in the name!
7,083 posts, read 9,569,405 times
Reputation: 3780
Quote:
Originally Posted by EHCT View Post
Although I will end up voting for the casino to be built at the National Harbor, I am doing so reluctantly. I’m not all that concerned with where the money will be allocated and I haven’t seen any evidence that crime will all of the sudden increase in the area once the casino is built. If anything, I believe that the crime in that general vicinity will decrease rather than increase due to the state being so heavily invested in the casino’s success. That being said, my reluctance stems from what I’ve witnessed in my home state once a couple of resort style casinos were built there.

I truly believe that a casino built at the National Harbor would not doubt be an economic boon for a county that could use some additional funds in order to supplement its reliance on property tax revenues. In fact, I believe that the casino may even ignite somewhat of an economic revival in a few areas such as better shopping and improved infrastructure along with some other benefits that may not be so tangible.

The problem that I see arising in the not so distant future is that the money obtained from the casino will end up becoming a crutch rather than the supplemental income it is being viewed as now. The increased revenues brought in from the casino will be a welcome shot in the arm and I’m sure will be used to better fund education, police, etc. However after a few years of raking in this additional revenue, the casino money will no longer be seen as supplemental funding to the state’s budget. Before long I’m afraid that the state will have increased its spending to such a rate that even the revenue from the casino (which started out as sort of a luxury) won’t be enough to balance the state’s budget anymore. If that ever happens the state could be in big trouble. Since MGM is an outside investor/entity, MGM will no doubt recognize that Maryland is so dependent on casino revenues that the company has gained some new found leverage. With this leverage MGM may look to restructure the current deal and threaten to pull out if a more favorable deal cannot be reached. In essence, MGM will be able to hold the state hostage whenever they feel like it has the power to do so.

This is exactly what happened with Connecticut and their casinos. When the casinos were first built in CT, the state was flush with cash because the casino profits were being taxed at about 20%. To be honest, it was almost more money than the state knew what to do with. But it wasn’t long before that “rainy day” money that the casinos brought in ended up being money that CT desperately needed to balance its ballooning budget. The casinos’ Japanese investors were true businessman and saw that the CT politicians had haphazardly increased state spending to the point that it could no longer run without the casino revenues. Once the state spent itself into debt, the Japanese investors threatened to pull out of the state if CT did not reduce the rate at which its profits were being taxed. At that point CT was in no position to negotiate and ended up having to reduce the rate at which casinos were taxed by nearly one half. The end result is that CT has been struggling to make ends meet for the last several years and is just now beginning to stabilize itself.

Unless Maryland has a tight fiscal plan as well as the discipline to stick with it, I can definitely see MD going down the same path with the type of reckless spending that the state is known for. Other than that one particular issue, I personally see a lot of upside and no major downside with building a resort style casino at the National Harbor.
I do agree that this may be an issue, but I think the risk may be overstated a bit. Yes, Maryland can become more dependent on income from the casino, but I believe that Maryland is still hungry enough to grow it's other industries in biotech, space, and cybersecurity. Yes, the casino would be a shot in the arm, but I don't think Maryland would stop looking for more revenue from other industries. Prince George's is even more hungry in this regard. There are 15 stations in the county that can support unique urban cores that would provide their own revenue streams adding to the state and county. That hasn't been realized yet. There is still so much potential in Maryland that should sustain us well past any dependency on casino revenues if that potential is managed well.

In addition, I think Maryland and Prince Georges county does a pretty good job of managing finances. Yes, before I get jumped on, there's always room for improvement. But Maryland is doing better than most states. Also, Maryland and Prince George's county both maintain their AAA rating from economists and financial analysts that continuously look at the creditworthiness of states and municipalities. If Maryland and Prince Georges county didn't manage their finances well, I'm not so sure Wall St. would continue backing us. Especially when they dropped the credit rating of the whole country! At least one of them did. So, I think we're doing okay. We could do better. But I don't think our people would let the added revenue get us off track.
Reply With Quote Quick reply to this message
 
Old 10-31-2012, 01:24 PM
 
Location: It's in the name!
7,083 posts, read 9,569,405 times
Reputation: 3780
Quote:
Originally Posted by UrbanScholar View Post
This is an interesting article about a Laurel/MD native, a professional poker player, that just won the world poker tournament after experiencing many ups and downs.

Laurel’s Greg Merson wins World Series of Poker and $8.5 million - Rosenwald, Md. - The Washington Post

Here is an article on his back story.

From dropout to poker star: Greg Merson is ready for WSOP championship - Rosenwald, Md. - The Washington Post
I could never play poker. I'd get cramps sitting so still for so long. lol Straight A's in college. Smart kid. I'm glad he cleaned himself up with the whole drug thing. Hope he doesn't relapse.
Reply With Quote Quick reply to this message
 
Old 10-31-2012, 01:48 PM
 
2,429 posts, read 3,565,698 times
Reputation: 395
Quote:
Originally Posted by adelphi_sky View Post
I do agree that this may be an issue, but I think the risk may be overstated a bit. Yes, Maryland can become more dependent on income from the casino, but I believe that Maryland is still hungry enough to grow it's other industries in biotech, space, and cybersecurity. Yes, the casino would be a shot in the arm, but I don't think Maryland would stop looking for more revenue from other industries. Prince George's is even more hungry in this regard. There are 15 stations in the county that can support unique urban cores that would provide their own revenue streams adding to the state and county. That hasn't been realized yet. There is still so much potential in Maryland that should sustain us well past any dependency on casino revenues if that potential is managed well.

In addition, I think Maryland and Prince Georges county does a pretty good job of managing finances. Yes, before I get jumped on, there's always room for improvement. But Maryland is doing better than most states. Also, Maryland and Prince George's county both maintain their AAA rating from economists and financial analysts that continuously look at the creditworthiness of states and municipalities. If Maryland and Prince Georges county didn't manage their finances well, I'm not so sure Wall St. would continue backing us. Especially when they dropped the credit rating of the whole country! At least one of them did. So, I think we're doing okay. We could do better. But I don't think our people would let the added revenue get us off track.
Adelphi,

You make some solid points. I would also add that the county and the state would benefit from the mis-steps of those that came before them. That said, county leaders and residents could use those lessons to be more equipped to manage the expectations of additional revenue.
Reply With Quote Quick reply to this message
 
Old 10-31-2012, 01:56 PM
 
2,429 posts, read 3,565,698 times
Reputation: 395
Quote:
Originally Posted by adelphi_sky View Post
I could never play poker. I'd get cramps sitting so still for so long. lol Straight A's in college. Smart kid. I'm glad he cleaned himself up with the whole drug thing. Hope he doesn't relapse.
Neither could I. I learned how to play it when I was 11 or 12 but the interest waned within 6 months. One thing I can say is that to excel at this sport/profession, you have to be analytic and strategic so it is not surprising that he was a straight A student. I agree with you about the drug thing. That is going to be a life long struggle but having family/friend support and doing something that you truly enjoy will go a long way with keeping him clean.
Reply With Quote Quick reply to this message
 
Old 10-31-2012, 03:08 PM
 
2,429 posts, read 3,565,698 times
Reputation: 395
For those interested MGM held its Q3 results today.

MGM Resorts International Management Discusses Q3 2012 Results - Earnings Call Transcript - Seeking Alpha
Reply With Quote Quick reply to this message
 
Old 11-01-2012, 03:00 PM
 
Location: It's in the name!
7,083 posts, read 9,569,405 times
Reputation: 3780
Insane!


Maryland gambling fight hits $72M in spending!
Reply With Quote Quick reply to this message
 
Old 11-01-2012, 03:03 PM
 
2,429 posts, read 3,565,698 times
Reputation: 395
Quote:
Originally Posted by adelphi_sky View Post

Yeah I read that. They said that spending is close to surpassing the total for the past three gubernatorial races. I am sure by tomorrow it would have done so. My thought is that you can look at this positively or negatively. I prefer the former.
Reply With Quote Quick reply to this message
 
Old 11-01-2012, 03:36 PM
 
Location: It's in the name!
7,083 posts, read 9,569,405 times
Reputation: 3780
Quote:
Originally Posted by UrbanScholar View Post
Yeah I read that. They said that spending is close to surpassing the total for the past three gubernatorial races. I am sure by tomorrow it would have done so. My thought is that you can look at this positively or negatively. I prefer the former.
Just for giggles:

That would pay for 5.5 of those $13M high tech community centers. Where could we put them?

1. Bowie
2. Laurel
3. Waldorf
4. Hyattsville
5. Suitland
5.5. ??
Reply With Quote Quick reply to this message
 
Old 11-01-2012, 07:20 PM
 
2,429 posts, read 3,565,698 times
Reputation: 395
Here is an article providing greater detail to what MGM envisions at the Harbor

MGM Promises Just the Right Amount of Vegas in Maryland | oregonlive.com
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Maryland > Washington, DC suburbs in Maryland
Similar Threads

All times are GMT -6. The time now is 04:43 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top