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Land casinos are the biggest contributors when it comes to state revenues. Therefore, casino closures have taken a toll on most states across Australia and America.
Since March, most non-essentials have been shut down to prevent the spreading of the COVID 19 pandemic. And, land casinos have been part of the causalities who have been heavily affected as they lost millions of dollars per week.
Additionally, the casino industry is worth billions. Therefore, they are among the biggest contributors to the economy of any gambling country or city.
US Maryland State Revenues Suffering From Land Casino Closure
According to bizjournals.com, the gaming revenues for Maryland have been down by 23% since the beginning of the lockdown. This means that casinos have lost over US$350 million of their 2019 revenue from the whole closure period.
Initially, the gaming industry in Maryland had been worth over US$1.2 billion. And between the month of March and April, the casinos had made approximately US$300 million. But, they are now recording an over US$65 million from US$163 million drop to US$95 million.
Therefore, it is understandable that the state revenue is now down by 22.5% which amounts to US$149 million. Meaning, a lot of states in the US are in a rush to make sure that the casinos will reopen for business.
Which explains why gambling authorities are now trying, by all means, to have them reopen. But, this will only be possible if the casinos implement the different measures that have been put in place to make sure that the pandemic does not start going viral again.
State Revenue is Not the Only Department the is Suffering
State revenue offices are not the only departments that are suffering from land casino closures. A lot of economic entities are suffering from the closure of live casinos. And, there is a rush to make sure that they re-open and people start gaming again.
For example, are facing unemployment due to casino closures. Meaning, the unemployment rate is quite high in most state. And, this is going to put a further strain on the state revenues world-wide as they have to pay these people COVID 19 incentives.
Additionally, a lot of companies that have depending on land casinos have been suffering as well. And, the food suppliers are suffering major losses especially those providing perishables. Some of them might not be able to get back on their feet again.
Effects of Casino Closure on Australians
casino closure is heavily affecting a lot of Australians as well. And, from the looks of things, the casinos may not be able to recover anytime soon. This is because their biggest Chinese High rollers will not be coming to gamble anytime soon.
But, over 10 000 Australians are currently facing unemployment. And, according to statics over 50% of Australians are currently facing unemployment. Additionally, those who are employed and not providing essential have had to get their salaries reduced to cover the losses.
And to add on to the land casino struggle of staying afloat, The Star Group will be getting monopoly over all pokies machines for the next 21 years. Meaning, no other casino can operate their Pokie machines except those under the Star Group.
Conclusion
Not only are we concerned about state revenue, but there are a lot of departments that are facing hiccups because of casino closures. Which means that it might take a while for the whole Australian economy to get back on their feet.
But, meanwhile, make sure that you go play your online pokies for your real money gaming. Be guaranteed of getting mega casino bonuses and some of the biggest wins in the gambling industry.
State Revenue FAQs
[accordiongroup id=”803″ markup=”default”][accordion group=”803″ title=”Will land casino closure affect general income revenue?” active=”true”]Yes, it will. Generally, the closure of most non-essentials is putting the whole Australian economy on a strain. Form unemployment to lack of taxpayers, the government revenue has been affected in so many ways.[/accordion][accordion group=”803″ title=”How will the closure of casinos affect the economy?” active=””]Casinos make billions per year in revenue. Meaning, they pay hundreds of millions in taxes every year. Additionally, a lot of workers and taxpayers were employed by casinos.[/accordion][accordion group=”803″ title=”Will land casinos recover from the lockdown closures?” active=””]That will depend on when boarders around the world will be reopened for business. This is because a lot of casinos in Australia tourists resorts that rely on money from tourists.[/accordion][accordion group=”803″ title=”Which Casinos are open in Australia?” active=””]The main casinos like The Star Group and Crown resorts are starting to re-open their different branches for casino gaming.[/accordion][accordion group=”803″ title=”How much do casinos pay in taxes in Australia?” active=””]The exact amount is unclear. But, before the lockdown, casinos would pay millions in taxes depending on the specific amount of money made by the casinos.[/accordion][/accordiongroup]