Maryland casinos generated $178.76 gross gaming revenue (GGR) in May, thus making it their second-best month in history. The state opened its first casino, Live! Casino Hotel Maryland in September 2010, in Hanover.
The casinos’ revenue in May was 3.7 percent more than what they earned in May 2021 and 17.4 percent higher than the revenue they generated before the Coronavirus pandemic. Maryland’s six commercial casinos generated almost $152.3 million in May 2019 and a new record in July 2021 after they earned $180 million.
The state’s gaming industry has a great momentum now that shows it might set a new record in July. Most pandemic concerns have eased today, and sportsbooks have resumed their operations at five of the state’s land-based properties.
Live! and MGM Dominate
Live! Casino & Hotel Maryland and MGM National Harbor have maintained their dominance in the state. Recent reports state that the MGM Resorts casino located outside DC earned $76 million in May as the Cordish Companies’ gaming property generated $62.7 million. They had a combined $138.7 million GGR that formed about 77 percent of Maryland’s revenue in May.
Horseshoe Baltimore, which Caesars Entertainment runs, generated $17.6 million and was the third casino in the area. Rocky Gap Resort, Hollywood Casino Perryville, and Ocean Downs generated $22.4 million in total.
There was a great year-to-year comparison in Maryland last month. Its casinos operated at 50 percent in May last year, but host cities and the state allowed gaming venues to resume operating at full capacity in June.
Horseshoe is still struggling as its revenue last month was 9 percent less than that it generated in May 2021. Even so, Live! Maryland and MGM National Harbor are attracting more players to the state as summer approaches. Caesars is spending huge sums of money to renovate the corridor that connects Horseshoe to Oriole Park and M&T Bank Stadium.
The State of Sports Betting in Maryland
The state launched sports gambling at Rocky Gap late last year. Yet, the rising demand for gaming products might not offer sufficient associated and gaming tax revenue until operators start running online platforms.
Maryland has a complicated process to legalize mobile bookies as its law permits particular small enterprises to venture into its online betting market. Still, the Maryland Sports Wagering and Application Review Commission (SWARC) is waiting for the results of a commissioned study it conducted to help it determine the applicants whom it will grant iGaming privileges.
Local casinos are planning to launch their online bookmakers once the state gives them a green light. Various operators are urging state officials to approve such operations before the 2022-2023 National Football League (NFL) season kicks off. But this might not happen soon.
SWARC officials claim that the proposed bill shows the General Assembly’s intention to approve the implementation of a sports betting program. But, it should be within the extent that the law allows.
The program should maximize women, and minority-owned investments and minorities’ ability to take part in sports gambling. The agency recently said that the owners of licensed bookmakers should be disclosed for a license to be renewed.
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