The opening of a new casino just south of the Baltimore Ravens' stadium prompts David Frum to examine the losing bet of casinos.
The casino market is nearing saturation, if it is not already saturated. Two casinos have closed in Mississippi this year. Four have closed or will soon close in Atlantic City, including the glitziest hotel on the boardwalk, Revel.
Casinos that do stay in business yield less to their towns and states. Revenues from Maryland’s first casino, in Perryville, at the northern tip of Chesapeake Bay, have already dropped 30 percent from their peak in 2008, and are expected to decline even more rapidly in future as competitors proliferate.
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