Maryland’s casino industry experienced a notable dip in revenue for September 2023, reaching the lowest figures since January 2022. The six casinos in the state collectively reported a total revenue of approximately $155.1 million for the month, reflecting a 2.6% decrease compared to September 2022, when revenue stood at $159.27 million. This decline was even more significant compared to August 2023, when revenues reached $161.4 million, representing a decrease of 3.9%. The last time revenues were this low was in January 2022, when they stood at $153.8 million.
In contrast, October 2022 marked a high-water point for Maryland’s casino industry when revenues peaked at over $212.9 million. The current decrease has raised concerns about the health of the state’s gambling industry.
One notable aspect of Maryland’s gambling landscape is the absence of online casinos. While the state does have online sports betting, there are no legal online casinos.
The contributions made by the casinos to the state’s coffers in September totaled approximately $66.44 million. This amount represents a 2.2% decrease from the contributions made during the same month in 2022. Out of this total, $47.85 million was allocated to the Education Trust Fund, a significant portion used to support education initiatives across the state. Casino tax proceeds are also directed towards various communities, jurisdictions hosting the casinos, the state’s horse racing industry, and small, minority- and women-owned businesses.
All but one of the six casinos have integrated an online sports betting component into their operations, reflecting the growing importance of this segment within the gambling industry.
The breakdown of revenues for the individual casinos in September 2023 is as follows:
- MGM National Harbor in Prince George’s County reported revenue of $61,969,980.
- Live! Casino & Hotel in Anne Arundel County reported revenue of $58,412,443.
- Horseshoe Casino Baltimore reported revenue of $14,451,736.
- Ocean Downs Casino in Worcester County reported revenue of $8,733,540.
- Hollywood Casino Perryville in Cecil County reported revenue of $6,722,454.
- Rocky Gap Casino in Allegany County reported revenue of $4,807,625.
These figures highlight the variations in revenue among the different casinos and the unique challenges they face in attracting visitors and gamblers.
The declining revenue in the Maryland casino industry has raised questions about the potential impact on the state’s finances, especially regarding funding for education and community support programs. As the industry faces increased competition from neighboring states and the absence of online casinos, stakeholders will be closely watching the performance of these establishments in the coming months to determine whether this trend is an anomaly or a sustained concern.
For those interested in staying updated on Maryland’s casino and sports betting revenue, BetMaryland.com offers timely updates and promotions related to the state’s sportsbook activities.
Information for this article was provided by BetMaryland.com.
