Maryland could lose $250m in casino tax revenue
Coronavirus closures could see state lose hundreds of millions of dollars in tax revenues from casinos and the lottery.
US.- Maryland could lose approximately $250million in tax revenue from casinos and lottery due to the impact of Coronavirus, according to a state official.
As the state remains under lockdown measures due to the spread of Covid-19 in the US, financial estimations are predicting huge shortfalls in tax revenue.
Revenue from casino and lottery games amounted to $1.3billion for the state for the 2019 financial year. Casinos generated $717.5million of that figure, according to official figures.
Six casinos were forced to close on March 16 by Gov. Larry Hogan to curb the spread of Coronavirus in Maryland.
The Director of Maryland Lottery and Gaming Control Agency, Gordon Medenica, said: “If this situation with casinos being closed continues to the end of the fiscal year — end of June — we could be down over $200million in contributions to the state.
“Year-to-date we’re down about $66million, so if we’re closed for another two months it becomes even more dire.”
Maryland passed a sports betting bill in March which could boost state tax revenues in the future, but will be put to a referendum in November before becoming law.
