Home Art & Entertainment Casino revenues drop significantly

Casino revenues drop significantly

406
0

With Maryland’s six casinos closed since mid-March due to the COVID-19 virus, total gaming revenues are down by nearly $372.5 million compared to last year, while casino contributions to the state are down more than $148.8 million.

The casinos were closed to the public on March 16 at 12 a.m. as part of Maryland’s effort to halt the spread of COVID-19. Each casino has developed a detailed plan for reopening, but a reopening date has not yet been determined.

Through the first 11 months of fiscal 2020 (July 2019 through May 2020), Maryland’s casinos have generated $1,245,029,239 in gaming revenue. The total is $372,488,769 (-23.0 percent) less than the $1,617,518,008 generated through the first 11 months of fiscal 2019.

Casino contributions to the state for the first 11 months of FY2020 are $514,549,290, a decrease of $148,818,204 (-22.4 percent) compared to the $663,367,494 in contributions during the first 11 months of FY2019.

Casino contributions to the Education Trust Fund for the first 11 months of FY2020 are $385,895,410, a decrease of $111,720,382 (-22.5 percent) compared to the $497,615,792 in ETF contributions during the first 11 months of FY2019.

A year ago, casino gaming revenues in May of 2019 were $152,275,799. Contributions to the state in that month totaled $63,655,376, including $47,747,479 for the Education Trust Fund. Casino gaming revenues also support communities and jurisdictions where the casinos are located, as well as Maryland’s horse racing industry.

“The casinos have worked diligently to create thorough reopening plans that cover everything from sanitation to social distancing and temperature screenings,” said Maryland Lottery and Gaming Director Gordon Medenica. “When the casinos reopen, they likely will be limited to 25 percent to 50 percent of their capacity, and customers will notice many other changes, such as Plexiglass shields, to ensure social distancing. But we are confident they’ll be ready to operate safely and effectively.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here