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ANNAPOLIS — With about half of the revenue from the legalization of slot machine gambling slated to go for education, schools have the most to lose if things don't go as planned.

Such was the case this week as the chairman of the state commission charged with awarding slots licenses announced Tuesday that the state had received six bids for 6,550 machines at five locations.

That is well below the 15,000 slot machines authorized by voters who in November approved a constitutional amendment legalizing slot machine gambling.

Fewer slot machines mean less money than anticipated to put into the Education Trust Fund, which could leave proponents of the November referendum scrambling for political cover. Increased aid to schools was a major selling point for expanded gambling.

Analysts projected that the state would reap $90 million from licensing fees this year — which would go into the fund.

"The immediate concern is that they did put $90 million in licensing fees in this year's budget," said Bob Rankin, a lobbyist for the Maryland State Teachers Association.

Bidders were required to put up $3 million per 500 machines.

The number of machines requested would generate $39.3 million in licensing fees, though two of the bids submitted Tuesday — for Laurel Park in Anne Arundel County and Rocky Gap State Park outside Cumberland — did not include the fees with their proposals.

Education advocates aren't fretting yet. The ailing economy and a fast-tracked process were certain to affect the number of bids received by the state, but the long-term effect on revenue for schools may be minimal once the fiscal ship is righted, Rankin said.

"It's a roller coaster and we're in for the long haul," he said.

Bidders and potential bidders alike have said that the state's 67 percent take from gross revenues makes it difficult to bid for licenses. Some casino owners have suggested that lawmakers make Maryland more attractive by changing the split, which includes 7 percent of the revenues going toward enhancing horse racing purses and the horse breeding industry.

Rankin said that legislators should resist calls to alter the revenue splits based on today's economy because the state may be in better fiscal shape when the slots licenses expire in 15 years.

Federal stimulus money could prove to be a lifeline for education programs at risk of being cut in the face of a projected $1.9 billion state budget shortfall.

Senate President Thomas V. Mike Miller Jr. (D-Dist. 27) of Chesapeake Beach on Thursday said the state should consider reopening bids for slot machine licenses, but backed away from that stance in a statement later in the day and joined House Speaker Michael E. Busch and Gov. Martin O'Malley (D) in preaching patience with the process.

On Thursday, Del. Frank S. Turner, chairman of the House Ways and Means subcommittee that deals with gaming, introduced a bill that would correct technical language in the law that outlines the slots bidding process.

Busch (D-Dist. 30) of Annapolis said he was not familiar with the bill. Turner (D-Dist. 13) of Columbia rejected the notion that the bill could open the door to more substantive changes to the process.

"I think we ought to just take a break," he said.

Budget analysts projected $660 million from the machines in fiscal 2013.

With the sagging economy leading to fewer slots players at casinos nationwide, the projections are "wildly optimistic," said Del. Steven R. Schuh (R-Dist. 31) of Gibson Island.

"If we hit half of that we'll be very, very lucky," he said, adding that he backs reopening the bidding process if Monday's bidders cannot produce the revenues the state wants.

The state would be best served by holding an auction for the bids and letting the market decide the structure, an idea pushed by the House Republican Caucus last year, he said.

The General Assembly could move to change the process through legislation. Voters must weigh in on only the number and the locations of machines.

The commission must now decide whether to accept those bids.

Sen. Paul G. Pinsky (D-Dist. 22) of University Park said he would oppose any efforts to give slots licensees more than the one-third of the revenues they are slated to receive as a maximum.

"We don't need it anyway," he said of the slots take. "I think we can survive, raise revenue other ways. I don't think we need to be threatened."

The six bids received by Monday's deadline are:

Laurel Racing Association/Maryland Jockey Club for 3,000 machines at Laurel Park in Anne Arundel County.

Power Plant Entertainment (PPE) Casino Resorts Maryland LLC for 4,750 machines at Arundel Mills Mall in Anne Arundel County.

Baltimore City Entertainment Group LP for 500 machines, with the possibility of expanding to 3,750 or 4,750 in Baltimore city.

Ocean Enterprises LLC for 800 machines at Ocean Downs in Berlin in Worcester County, with the possibility of expanding to 1,500.

Penn Cecil Maryland Inc. for 500 machines at the Interstate 95/Route 222 interchange in Perryville in Cecil County, with the possibility of expanding to 1,500.

Empire Rocky Gap LLC for 750 machines at Rocky Gap State Park, outside Cumberland in Allegany County, with the possibility of expanding to 1,500.