Misc Published November28, 2017 By Staff Reporter

How Biotech will influence Casino Industry?

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Maryland is innovating. At the heart of the change is the development of high-tech industries, such as the bio-industry, and the economic development of low-income residents through regional development based on the development of casinos and tourism industries.

The average household income in Maryland is $ 78,945, 37% higher than the US average. The average income of residents is $ 50,852, ranking fifth in the nation. The ratio of 'millionaires' among all households is 7.55% as of 2016, which is the nation's highest. The poverty rate is 9.7% (nationwide average 14.0%), the second lowest in the nation, and among the 1,000 counties with more than 65,000 people nationwide, the three counties - Howard $ 941, second in the nation), Montgomery ($ 97,763, 17th) and Calvert ($ 97,832, 18th).

Bio industry

Rich human resources based on the nation's best educational standards are the cornerstone of Maryland's economic development. Maryland, where Johns Hopkins University, the University of Maryland and other educational and research institutions, as well as 50 federal agencies, including the National Institutes of Health (NIH), NASA, and more than 400 government and private research institutions, It is the largest research concentrated area in the East.

According to data released by the Maryland Governor's Office, Maryland is strengthening its innovation capabilities and accelerating economic development through joint public-private partnerships through its State Development Initiative Plan, 'Excel Maryland 2017'. According to the plan, signed by Governor Larry Hogan on May 18, the cyber security industry is at the core, including the bio industry.

 Through the development of the National Harbor area, including MGM Casino, Maryland Prince George's County is undergoing dramatic progress.
Through the development of the National Harbor area, including MGM Casino, Maryland Prince George's County is undergoing dramatic progress.
The Maryland biotech industry has 41,153 employees as of 2016, and the biotech industry has earned $ 17.4 billion in profits, $ 4.28 billion in wages, and $ 1.55 billion in federal funding. "Maryland has the world's best stem cell production capacity and research center.

In addition, more than 500 biotech companies and 2360 biotech companies are located in the center of the world's bio-industry. " In particular, Maryland, which connects Baltimore-Washington, is the second largest concentration of biomedical experts in the nation, and 85% of companies are located in the "bio-complex" where they can achieve industrial development in connection with the network among companies located in Maryland. .

The state of Maryland plans to foster Maryland as the world's best bio-center by continuing to support this bio-competence.

Casino Industry

The Maryland casino industry's performance in the first half of 2017 is remarkable. Total revenues totaled $ 1,421 million, up 24.2% from the same period last year. The Maryland State Education Fund earned $ 451.2 million, up 12.1 percent from the same period in 2016. He also provided $ 65 million in financial aid to local governments such as Prince George's County and Howard County.

The casino industry employs a total of 7,700 Maryland residents. Of these, 6200 are full-time employees. According to data released by the state of Maryland at the request of the State of Maryland, the casino industry's total of $ 1.4 billion, or 57.3%, is returned to casino companies at $ 814.44 million. In addition to local government subsidies and educational funds, the company also supported $ 12.9 million (0.9 percent) of small business and minority business development funds, racing industry support $ 63.05 million, and gambling addiction treatment funds $ 46.49 million (0.3 percent).

Whilst the launch of MGM casino has increased profits within the Maryland casino industry this year, a similar trend can be seen within the online casino industry. Reports show that the launch of new online casinos is significantly driving performance within the industry. The increasing popularity of online casinos has also given rise to websites such as www.bestcasino.uk which guide players on identifying safe, reputable and reliable casinos on the internet.

Prince George's County Development

With the MGM Casino, National Harbor has emerged as the largest attraction in Maryland with Baltimore Harbor. In addition, the development of condominiums, housing complexes and commercial districts is also active. In particular, Peterson, a large construction company, is pursuing the development plans of various condominiums and commercial shopping centers around MGM Casino. In the meantime, National Harbor can be reached in 10 to 20 minutes by car to the center of Washington, DC, making it a popular destination for businessmen and young people. "National Harbor's latest condo and house prices are still significantly lower than in Washington, DC and Alexandria," said a real estate official.

In addition, the groundbreaking ceremony of the project 'Town Square,' which is rated as the largest redevelopment project in Prince George's county, was held on May 15. Town Square has a total area of ​​1,000,000 square feet and houses 900 apartments, housing complexes, shopping centers and art centers.
The Rushmore Baker Prints Georges County Executive, who is emerging as a candidate for Democratic governor to face the re-election of the governor in 2018, said: "The various redevelopment projects we are currently pursuing will be a significant turning point for the future of the region and the economic revival. "He said.

Prince George's county, which has an image of 'poorer neighborhoods' with a significant decline in average income and education compared to neighboring Howard County and Montgomery County, is a new development from the economic revival of Washington, DC and the redevelopment of MGM Casino and National Harbor. It is transformed into a figure.

Baltimore Redevelopment

Baltimore is the worst killer in the nation with Detroit and other Maryland players. But Baltimore is struggling for a new leap.

Mayor Katherine Pew plans to build a Baltimore renaissance in Washington, DC, over the past decade as a model for redevelopment. "We are working on a variety of large-scale redevelopment projects for the development of the city of Baltimore," said Jim Smith, executive director of the Baltimore City Council. We are concentrating on co-development. "

Downtown and waterfront in the heart of Baltimore have a variety of hotel and residential complexes. In addition, some areas of the city that are 'ghettoized' will also change their zoning and long-term plans to reverse the fundamental community

Montgomery County Development

Montgomery County's government, which has focused on the development of highway 270 in the past two decades, is spurring redevelopment of Bethesda, the county's largest commercial city.

Montgomery County Council recently announced the "Downtown District Plan" to increase the total commercial area of ​​Bethesda downtown by at least 7 million square feet to 32.4 million square feet. It also includes plans to increase the number of residential facilities for 13,880 households through redevelopment in the area for 20 years.

Bethesda, which has already become the top commercial district in Washington with Tysons Corner, plans to transfer a large number of headquarters of major international corporations such as Marriott Hotel headquarters. In addition to economic virtuous cycles, such as increasing population and revitalizing local economies, experts expect the city, which has maintained its 90s-style urban environment, to become a young and vibrant city. 

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