Casino Revenue Slump: Contributions to Education Trust Fund Down $146M

kay-V3qzwMY2ak0-unsplashThe Maryland Lottery and the state’s six casinos contributed a combined $1.113 billion to state’s coffers in FY 2020, a 15.1% decrease from FY 2019, according to the Maryland Lottery and Gaming Control Agency.

Lottery profits — in spite of the COVID19 pandemic — totaled $588.7 million, which is just $4.5 million (-0.8%) shy of last year’s record-setting figure. But, with the state’s six casinos closed for nearly the entire fourth quarter of FY 2020, total gaming revenue was just $1.279 billion, down $481 million (-27.3%) from last year’s all-time record of $1.760 billion.

Education Trust Fund (ETF) contributions totaled $396.8 million, a decrease of $145.9 million (-26.9%) from FY 2019. The ETF supports early childhood education, public elementary and secondary education, public school construction, and capital improvement projects.

FY 2020 casino revenue was also distributed to the following beneficiaries:

  • Local aid: $67.5 million, divided between local impact grants and local jurisdictions.
  • Maryland’s horse racing industry: $56.4 million, divided between the Racetrack Facility Renewal and Horse Racing Purse Dedication accounts.
  • Responsible gambling programs: $3.8 million.

According to a press release:

The Agency’s operating expenses remained low at 3.5% of sales on the Lottery side, and 1.4% of total gaming revenues for the casino program.

“When the pandemic began, we were truly in uncharted territory,” said Maryland Lottery and Gaming Director Gordon Medenica. “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.”

Visit the Maryland Lottery and Gaming Control Agency website for more information.