Maryland casinos have lost $480M in revenue due to the Coronavirus pandemic. The Maryland and Gaming Control Agency announced how the state’s six gaming properties performed in the 2020 fiscal year.
The fiscal year started on July 1 2019 and ended on June 30, 2020. Also, the casinos had a win of $1.279 million which is a decrease of 27.3 percent.
The state also collected a fewer amount of taxes due to the decreased revenue. The state’s casinos pay some of the highest tax rates in the country. Additionally, slot machines are taxed between 40 to 60 percent.
Maryland Casinos Begins the Recovery Process
Maryland casinos, like many other casinos in the country, suspended their operations on March 16. The casinos are starting to reopen after they were allowed to do so. However, the gaming floor has limited capacity because only 50 percent capacity is allowed. Also, there are other regulations like wearing face masks that were imposed by health officials as well as gaming authorities.
Maryland Lottery and Gaming Director Gordon Medenica said
“The casinos worked intensely with us and with each other to share best practices from across the gaming industry as they developed their reopening plans, ” Medenica said.
“There was great cooperation on all sides, and a true focus on ensuring that the casinos are safe for both employees and customers”
“Customers over time are getting used to the new world,” added Live General Manager Anthony Faranca.
State Education
The majority of the tax revenue that is generated by Maryland casinos goes towards funding state education. Additionally, the Maryland Education Trust Fund received $542.7 million in casino taxes during the last financial year. However, the numbers dropped to $396.8 million in the 2020 financial year.
Maryland Casinos’ Gaming Statistics
Casino data per fiscal year
Conclusion
Gaming revenue helps states in a lot of ways. Besides funding education, taxes also support local communities, the state’s general fund as well as women-owned businesses.
FAQs
[accordiongroup id=”558″ markup=”default”][accordion group=”558″ title=”What are six casinos in Maryland?” active=”true”]MGM National Harbour in Oxon Hill, Live Casino, and Hotel in Hanover and Horse Shoe Casino Baltimore. Also, Hollywood Casino in Perryville, Rocky Gap in Cumberland and Ocean Downs near Ocean City.[/accordion][accordion group=”558″ title=”How many casinos are in Maryland?” active=””]There are 15 casinos.[/accordion][accordion group=”558″ title=”What is the biggest casino in Maryland?” active=””]Live casino is the largest casino.[/accordion][accordion group=”558″ title=”Is gambling legal in Maryland?” active=””]Gambling is legal in the state.[/accordion][accordion group=”558″ title=”Are there free drinks in Maryland casinos?” active=””]The state regulations do not allow casinos to offer free alcoholic beverages. However, some casinos offer complimentary water, coffee, tea, and soda.[/accordion][/accordiongroup]