Peter Francho: Slots: Quick fix, not path to prosperity

My opposition to expanded gambling comes from a belief that the economic future of Maryland should be tied to high-growth industries like the life sciences, information technology and health care.

If you look at the Mid-Atlantic region, two of the most dynamic and wealthiest economies belong to Maryland and Virginia, the two states without slot machine gambling. The economies of Delaware and West Virginia do not compare to ours, which is why they have had to keep expanding the number of slot machines and gaming tables in their states.

Recent reports in the Wall Street Journal, the Baltimore Sun and other publications are showing that slot machine gambling not only does not help the horse racing industry but actually hurts the economic development and economies of the jurisdictions that have them.

Pennsylvania is spending billions of dollars attempting to build the life sciences infrastructure we already have here in Maryland. Why? Because they realize the slot machine gambling they just introduced is not a path to future prosperity, it is a quick-fix gimmick that will only hold the state back in the long run.

With the advantages we have right now, Maryland needs to be investing and implementing a comprehensive strategic vision that will propel our state from one of the national leaders for the technologies into the North American capital for them.

These high-paying, environmentally sustainable jobs are the key to economic growth in every region of the state. That is why, on Nov. 8, I will be hosting a life sciences summit that will bring together people from across the state and from across the broad spectrum of industries that benefit from a strong life sciences sector.

A growing and prosperous life sciences industry is like a wave that will carry the construction, health care, financial and service sectors forward. That is the answer to our long-term economic and fiscal health. Not the dead-end jobs at a slots palace.

Even the recent pro-gambling report prepared by Labor Secretary Tom Perez indicates that any revenue from slot machine gambling will be much less than the grandiose numbers we hear from the national gambling industry. Furthermore, the revenue generated from this regressive tax will not be immediate and will do little to help solve our budget problems in the short term.

What we need is a comprehensive, inclusive and fair examination and modification of the state’s tax code — one that ensures that everyone is paying their fair share. As comptroller, I have been working aggressively to close corporate tax loopholes and go after those who avoid paying their fair share in taxes.

As the world moves aggressively toward a knowledge-based economy, slot machine gambling represents a step in the wrong direction. In the past, we experienced the corrosive effects that slot machines bring — and we got rid of them! Let’s not make the same mistake again right as we are poised to position our state at the forefront of the global economy.

The Maryland I envision for our kids is one of educational excellence, economic opportunity and strong neighborhoods all across our great state. Let us work together toward that vision and not get sidetracked by the siren song of slot machine gambling.

Peter V.R. Franchot, a Democrat from Takoma Park, is comptroller of Maryland.