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uerto Rico\u2019s 16 casinos lost $54 million from July to December 2020 when compared to the same period in 2019, as a result of the COVID-19 restrictions, according to Puerto Rico Tourism Co. Executive Director Carlos Mercado.<\/strong><\/p>\n He confirmed that from July to December 2019 the industry reported $147 million in revenue, which was reduced to $93 million during the first six months of the current fiscal year, which begins July 1, News is my Business\u00a0<\/em>reports.<\/p>\n \u201cIt\u2019s an almost 37% drop<\/strong>, which is probably representative of what we\u2019ve all been experiencing,\u201d said Ismael Vega, general manager of the Casino Metro at the Sheraton Convention Center.\u00a0<\/strong>\u201cAnd that\u2019s not counting the fact that we had to shut down when the pandemic was declared in mid-March,\u201d he added, noting casinos were closed through June.<\/strong><\/p>\n Furthermore, Vega said the decline can be attributed to three factors <\/strong>\u2014 the government-mandated shutdown during that period, which forced casinos to close from July 11 to Sept. 11<\/strong>; the 30% limit on capacity <\/strong>that they are allowed to have inside their venues; and reduced operating hours<\/strong>.\u00a0\u201cWe\u2019ve also had more expenses than usual associated with cleaning and safety protocols,<\/strong>\u201d he added.<\/p>\n The revenue that Puerto Rico\u2019s casinos generate is split 50\/50 with the government, which divides the money among the University of Puerto Rico, the General Fund and the Puerto Rico Tourism Co. At its peak, the industry generated around $315 million.\u00a0\u201cIt\u2019s been tough, which is why we\u2019ve been asking for several months for some sort of relief in the formula<\/strong>, so we can keep some more money,\u201d he said, confirming that the sector is asking for a 60\/40 split.<\/strong><\/p>\n \u201cThe worst thing for a casino is to have to operate in a restricted way, without the ability to invest, run promotions, and buy equipment. If you operate that way, you\u2019re shooting yourself in the foot,\u201d Vega said. \u201cThis has been the perfect storm: months closed, short days and less product.\u201d<\/p>\n The sector has been in talks with the Legislature, specifically Rep. Angel Matos, who will reportedly submit a bill to approve the temporary adjustment during the pandemic.\u00a0<\/strong><\/p>\n<\/p><\/div>\n\n