When Maryland's horse track owners took the position that the proposed bill to legalize slot machines would give them barely enough revenue to make a profit, we were skeptical.
Now a University of Maryland economics professor has done an analysis that backs our view. And so once again we say: If the tracks aren't ready to accept less, the state should seek proposals from other would-be operators.
The study comes from Robert Carpenter, economics professor at the university's Baltimore County campus. His analysis says the state senate version of the slots bill would give the tracks $649 million more than they need to build new facilities to house thousands of slot machines.
And Carpenter said the upfront application fee of $15 million that the bill would charge to three Central Maryland tracks is way too low.