💰 Maryland Casinos Can Reopen June 19, State Loses $M in Taxes

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Through the first 11 months of Fiscal Year (July through May ), Maryland's casinos have generated $1,,, in gaming.


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Last updated on: June 11, , h. Maryland casinos reported an all-time revenue high of $ billion in the fiscal year. Taxes on.


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CENTER FOR GAMING RESEARCH, JUNE Executive Summary. Since its casino debut, Maryland has developed one of the most talked-about.


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The mid-March closure of Maryland's casinos because of the Covid in gaming revenue during the current state fiscal year, which ends June March revenue was down $ million from the previous year.


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CENTER FOR GAMING RESEARCH, JUNE Executive Summary. Since its casino debut, Maryland has developed one of the most talked-about.


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Fitch Ratings-New York July Fitch Ratings has assigned a 'AA' container tax and casino rental revenues subject to appropriation by.


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BALTIMORE (AP) — A Maryland Official said the state could lose nearly A Maryland Official says the state could lose nearly $ million in revenue from casinos and By Associated Press, Wire Service Content April 24, end of June, Lottery and Gaming Control Director Gordon Medenica said.


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Last updated on: June 11, , h. Maryland casinos reported an all-time revenue high of $ billion in the fiscal year. Taxes on.


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BALTIMORE (AP) — A Maryland Official said the state could lose nearly A Maryland Official says the state could lose nearly $ million in revenue from casinos and By Associated Press, Wire Service Content April 24, end of June, Lottery and Gaming Control Director Gordon Medenica said.


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Gov. Larry Hogan allowed casinos to reopen at 50% capacity starting June 19, though some, like Baltimore's Horseshoe Casino, waited longer.


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This means ESG issues are credit-neutral or have only a minimal credit impact on the entity ies , either due to their nature or to the way in which they are being managed by the entity ies. Lottery receipts after the pledged deposit are transferred to the state general fund. The authorizing statutes established the bonds' multiple repayment sources and expanded the MSA's role to issuing the bonds, coordinating their repayment and overseeing completion of the projects. The city's PIT revenues are subject to state intercept in the event that city pledged deposits from a beverage tax and certain gaming revenues are below statutory thresholds. PIT trends generally track the broader economic cyclicality of the region and state. City pledged deposits are further backed by an intercept of city income tax receipts held by the state. Fitch views the intercept of city PIT revenues as a stronger repayment source, but capped at the city's credit quality. However, protections of appropriated state aid are extensive and include a requirement that the governor seek appropriation of the amount requested by the state school superintendent along with limits on reducing appropriated aid or using it for non-education purposes. Legislation established two funds under MSA oversight and held by the state treasurer: the BCPS financing fund receives pledged deposits from or on behalf of the state, BCPS and city, and the BCPS facilities fund holds other funds intended for construction and excess city pledged deposits, if any, including a reserve established at MSA's discretion, discussed below. View additional rating details Additional information is available on www.{/INSERTKEYS}{/PARAGRAPH} Best- and worst-case scenario credit ratings are based on historical performance. As with state GO and other tax-supported issues, borrowing under the current authorization must be approved by the BPW. View additional rating details. Fitch's assessment of the PIT intercept is capped at our view of the credit quality of the city given exposure to Baltimore's operating risk. Fitch considers the intercept of city PIT receipts as a stronger source of credit quality than the intended sources of city pledged deposits. The additional school aid is generated from a separate transfer to BCPS by the city of funds that allow BCPS to maximize state maintenance-of-effort formula aid. PIT receipts are the second largest source of city general fund revenues, with growth prospects in line with inflation and consistent with Fitch's view of the city's overall revenue growth prospects. The bonds' authorizing legislation specifies that in the event city pledged deposits are inadequate as of each Nov. Maryland expanded statewide school aid significantly in the decade prior to the last recession, with small increases continuing since then. {PARAGRAPH}{INSERTKEYS}The bonds are limited obligations of the authority payable from pledged deposits to the financing fund derived from multiple revenue sources: state education aid subject to appropriation by the General Assembly, state lottery revenue, city of Baltimore the city pledged deposits consisting of a beverage container tax and casino rental revenues subject to appropriation by the city and certain other city gaming receipts. SECURITY The bonds are limited obligations of the authority payable from pledged deposits to the financing fund derived from multiple revenue sources: state education aid subject to appropriation by the General Assembly, state lottery revenue, city of Baltimore the city pledged deposits consisting of a beverage container tax and casino rental revenues subject to appropriation by the city and certain other city gaming receipts. International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario defined as the 99th percentile of rating transitions, measured in a positive direction of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario defined as the 99th percentile of rating transitions, measured in a negative direction of three notches over three years. The state's role in funding education is mandated by Maryland's constitution. Fitch views growth prospects for lottery revenues to be in line with inflation given the discretionary nature of consumers' lottery purchases and their exposure to cyclical, structural and administrative factors. Proceeds are funding the repair or replacement of various Baltimore school facilities as part of the BCPS construction and revitalization program. The rating is constrained by both the credit quality of state lottery receipts and by the credit quality of the city. Timing provisions for the intercept are adequate. The maximum may be increased by agreement of MOU parties. The reserve was established at the MSA's discretion. Only deposits made to the financing fund are pledged to bondholders, although statutory uses of the facilities fund includes bond repayment. The authorizing legislation required the MSA, BCPS, city and the interagency committee on school construction that oversees school capital projects, to conclude a memo of understanding MOU to carry out the program, subject to approval by the state's Board of Public Works BPW , which consists of the governor, treasurer and comptroller. The 'AA' rating on MSA's BCPS construction and revitalization program bonds is based on Fitch's assessment of the credit quality of the varied revenue sources, from which individual pledged deposits are made. Funds in the facilities fund, including excess city pledged deposits in the reserve, are not pledged to bondholders, and thus Fitch does not view the reserve account as providing additional bondholder protection. A constitutional education funding requirement and the state's expanded funding over the last decade underscore Maryland's commitment to school funding. Although BCPS is a legally separate component unit of the city, Fitch views credit risks originating from BCPS as limited given the state's primary role in setting statewide education policy, funding school operating and capital needs, and overseeing school governance. The authorizing language for the fiscal also notes the legislature's intent not to make such adjustments in the future. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. The highest level of ESG credit relevance, if present, is a score of 3. The MSA transfers funds from the financing fund to the trustee for debt service on the following April 5 and Oct. The intended source of city pledged deposits include beverage container taxes enacted in and certain gaming-related receipts associated with the city's Horseshoe Casino, a privately owned and operated casino that opened under state authorization in Half of the deposits are required by Nov. For fiscal , the governor has proposed modifying the enacted budget to essentially flatten K spending versus the prior year. These amounts are withheld on a bimonthly basis by the comptroller and deposited on behalf of BCPS in the financing fund. The transferred city funds are intended for health costs of school retirees borne by the city; the transfer is ultimately returned to the city, which remains responsible for these costs. The school board overseeing BCPS consists of nine members appointed by the governor and mayor. A separate trust agreement establishes accounts held by the trustee, including the construction fund to which bond proceeds are deposited and the debt service fund which receives transfers by the MSA from the financing fund. The legislation also required annual reporting to the governor, BPW and legislature on program progress. The city's PIT is collected by the state comptroller and remitted to the city on a quarterly basis, with some lag to account for refunds. The state is the primary driver of education funding in Maryland and provides more than two-thirds of BCPS revenues. Fitch considers this unlikely. Pledged deposits are in a closed loop, and the financing fund may not revert to the general or any special fund of the state. As with school aid pledged as deposits for the financing fund, debt service on BCPS-issued debt is withheld by the comptroller from appropriated state education aid. Fitch considers this level of resilience robust enough to comfortably withstand the volatility driven by the coronavirus pandemic. The principal sources of information used in the analysis are described in the Applicable Criteria. The state reports that the average increase in state aid for public schools rose Despite the downturn and slow economic and revenue recovery thereafter, state school aid declined only slightly in fiscal and has increased gradually since then. In the short time since authorizing the program, the state has made one-time adjustments to fund flows twice to support other BCPS needs. Fitch views the growth prospects and resilience for the PIT backstop to be higher and more robust than for the pledged deposits. The deposits derive from two separate, fixed school aid amounts: one derived from unrestricted aid to BCPS and the other derived from additional state aid resulting from a temporary school retiree health-cost transfer from the city. Under state law the city levies a PIT on the state's taxable income base at the statutory cap of 3. In the event of insufficient city pledged deposits, the bond authorization requires that funds held in the reserve account within the facilities fund be depleted first, before triggering the city PIT intercept noted above. The bonds are scheduled to be offered by negotiated sale on or about July 8, The Rating Outlook is Stable. They do serve as a source of liquidity in the event of deep and sustained revenue losses, although the authority has been able to meet debt service requirements during the pandemic without drawing on the reserve. As with lottery revenues, Fitch considers this level of resilience robust enough to comfortably withstand the volatility driven by the coronavirus pandemic. While the adjustments are permissible under the program's authorization, they ultimately reduce funds intended for school capital. Statutory formula provisions governing aid incorporate numerous factors including pupil counts and community wealth and are subject to legislative changes. The city's pledged deposits are enhanced by a backup state intercept of city PIT receipts. Fitch views growth prospects for lottery receipts over the long run to be limited, subject to discretionary consumer purchasing trends and competitive pressures. Although collected and held by the state, Fitch believes that since PIT receipts may be considered property of the city, they could be subject to interruption in the unlikely event that the state authorizes, and the city files for, bankruptcy. Lottery sales provide ample coverage of pledged deposits despite required senior payments. Numbers in parentheses accompanying applicable model s contain hyperlinks to criteria providing description of model s. Consequently, Fitch views the credit quality of the intercept as being limited by the credit quality of the city itself.