Monday, November 25, 2024 | Baltimore, MD
FOLLOW US:

Business

Gaming Revenues From Maryland Casinos Top $170 Million In April

Maryland’s casinos raked in $170.7 million in gaming revenue in April, the Maryland Lottery and Gaming Control Commission said Thursday, making it the state casino program’s fourth-best month ever. It’s an increase of over five percent compared to April 2021. More than $71.8 million of those revenues, or roughly 40%, were contributed to the state’s coffers.

Read More: WJZ
‘There’s so much untapped potential’: 2022 Baltimore Homecoming unites local advocates, noteworthy ex-pats

Some say New York is all about the money, Los Angeles is all about the fame and Washington is all about the power. What, then, is Baltimore about? “Lots of things,” says Chris Wilson, one of the speakers at this year’s Baltimore Homecoming. In a “fireside chat” Thursday morning, the artist, author and social justice advocate reeled off a list of the city’s assets, including its tech sector, higher education institutions and hospitals.

Annapolis-area Sons of the American Revolution official accused of stealing $11k from club

A Baltimore man faces embezzlement and theft charges stemming from more than $11,000 in club funds that went missing when he served as a president and treasurer of the Annapolis-area branch of the Sons of the American Revolution, according to recently unsealed court filings. An official from the society’s John Paul Jones branch, which meets in Edgewater, told police that Michael James Kelley Jr., 41, admitted to stealing funds when he was confronted, according to charging papers, which say the branch kept receipts from a three-month period where Kelley withdrew $11,085.

Read More: Baltimore Sun
Sinclair Broadcast reports massive profit as it ‘deconsolidated’ local sports networks from its books

Sinclair Broadcast Group said it earned $2.59 billion — yes, with a B — in the first quarter as it “deconsolidated” its local sports segment from its financial statements. As a result of a March 1 corporate reorganization that included recapitalizing the debt of Diamond Sports Group, which holds the local sports networks, and raising additional capital, Sinclair Broadcast reported a $3.4 billion pretax, noncash gain “on the disposition of assets.”

Read More: Baltimore Sun
Second employee of Harford County manufacturer pleads guilty in multimillion-dollar kickback scheme

Eugene Andrew DiNoto, of Bel Air, pleaded guilty Tuesday to conspiracy to commit wire fraud, engaging in an illegal monetary transaction and filing a false tax return, in connection with a kickback scheme that defrauded his employer of more than $29 million, according to the Maryland U.S. Attorney’s Office. According to the plea, DiNoto, 51, was a longtime employee of a family-owned global business headquartered in New York, but with manufacturing facilities in Belcamp and Abingdon.

Read More: Baltimore Sun
Frederick MADE provides a fun opportunity to shop local and support artists

Miranda Mossburg has designed clothes, jewelry and accessories for her business Sweet As Sugarcane, since 2018, but during the pandemic, she partnered with her mother, Christy Mossburg, to launch Frederick Makers, a local online shopping platform. By October 2021, the mother-daughter duo was ready to open the offshoot of that website, a brick and mortar shop called Frederick MADE on West Third Street in downtown Frederick. The shop features work — mostly functional art and crafts — by artists in the DMV region and is open by appointment and for special events and workshops. Sweet As Sugarcane items are now housed among work by dozens of other artists in the shop.

New Carrollton Metro development lands $54M in new financing

Urban Atlantic has secured $54.25 million from EagleBank to construct The Margaux, a 291-unit workforce housing project near the New Carrollton Metro station. This brings the project’s total financing to $80 million after the developer received $25.4 million in low-rate loans from the Amazon Housing Equity fund. Urban Atlantic is constructing The Margaux as part of a 2.3 million-square-foot mixed-use development, to include a new Metro office building, on property owned by the Washington Metropolitan Area Transit Authority.

Over 66K Marylanders Eligible For Refunds In $141M Settlement Over ‘Free’ TurboTax Ads

The company behind the TurboTax tax-filing program will pay $141 million to customers across the United States who were deceived by misleading promises of free tax-filing services. In Maryland, more than 66,000 consumers are eligible for part of the $2 million in restitution the state will receive, Maryland Attorney General Brian Frosh said.

Read More: WJZ
United Therapeutics reports ‘best quarter’ to date. Here’s what comes next.

United Therapeutics Inc. opened 2022 with a big splash in the organ transplantation arena, but it’s not the only reason Chairperson and CEO Martine Rothblatt called the first few months “the best quarter we have ever reported” for the business. That conclusion considers “not only profits,” but also “patients and our contributions to our planetary community,” Rothblatt said on a first-quarter company earnings call Wednesday. The Silver Spring drugmaker reported $461.9 million in revenue for the first quarter, up 22% from $379.1 million in the first quarter of 2021, with nearly a quarter-billion dollars in quarterly profits, Rothblatt, also UT’s founder, said on the call.

Franchising Social Equity

Curio Wellness, a vertically integrated Maryland medical cannabis company, gives us an example of how this franchising model could operate. Curio created a social-equity fund that would allow applicants to own the franchise. The 30-million-dollar fund will be able to provide up to 93 percent of the startup capital needed for a location, meaning that the applicant needs much less of their own initial funding to get involved. In their model, franchisees “start out by owning 60 percent of a Curio store outright, with Curio corporate taking a 40 percent equity position,” according to Franchise Times.

Read More: Rolling Stone

The Morning Rundown

We’re staying up to the minute on the issues shaping the future. Join us on the newsletter of choice for Maryland politicos and business leaders. It’s always free to join and never a hassle to leave. See you on the inside.