Maryland receives $1.1bn from gambling despite pandemic
Tax revenues from the industry have decreased just 15.1%
US.- The state of Maryland has received a total of $1.1 billion from the Maryland Lottery and its six casinos for the 2020 fiscal year, despite the pandemic.
The figure respresents a decrease of just 15.1 per cent from last year’s record $1.311 billion contribution.
The 2020 fiscal year saw casinos close for an entire quarter, from March 16 to June 19 as a result of the coronavirus pandemic. Since reopening, casinos faces strict restrictions in attempts to prevent the spread of Covid-19.
Despite this, casinos were able to bring in $524.5 million in tax revenues for the state.
The Maryland Lottery contributed $588.7 million to the state’s General Fund, down by just $4.5 million (-0.8 per cent) from 2019.
While the lottery saw a dip in sales of around 30 per cent in the first few weeks of the pandemic in March, sales quickly recuperated in the final quarter of the fiscal year.
Gordon Medenica, director of the Maryland Lottery said: “When the pandemic began, we were truly in uncharted territory. But Lottery sales came roaring back, and the casinos worked diligently with us and with public health officials to prepare their reopening plans. We are still adjusting to this ‘new normal’ along with everyone else, and we are proud to continue providing vital funding for Maryland.”
The funds raised will be directed programmes including education, the environment, public health and safety. Some of the revenue generated from casinos will also be dedicated to the horseracing industry.
