Maryland Casinos’ Revenue Dropped By Five Percent Last Month

Maryland’s gaming operators’ monthly revenue in August 2023 dropped by five percent year-over-year to almost $161.4 million. Its six commercial gaming operators retained less money from players compared to August 2022.

A report from the Maryland Lottery and Gaming Control Agency indicated that the six operators’ table games and slot machines earned them $161.39 million last month. This is 4.7 percent or $8 million less than last year. Besides, they had an over seven percent drop from July 2023 as they won $174.3 million.

MGM National Harbor generated $68.4 million in gross gaming revenue (GGR) in August, leading in the gaming market despite having a 4.8 percent year-over-year drop. Yet, Live! Casino Hotel Maryland was second on the income list with $55 million, hence a 3.1 percent reduction, unlike in August 2022.

Caesars Entertainment owns Horseshoe Casino Baltimore, and it hasn’t performed well of late. The gaming property won $15.4 million, almost 11 percent lower than in August 2022. Still, $22.5 million was from three resort-style gaming venues: Rocky Gap, Hollywood Perryville, and Ocean Downs.

August was Maryland’s second consecutive month to have a decline in its year-over-year GGR. But, its gaming operators raked in $181.5 million in July 2022, thus being their second-most successful month in the casino industry’s 13-year history.

More Details About the Gaming Sector’s Performance

There is no specific reason why Maryland casinos made less gaming profits in August 2023. Yet, states like Nevada normally itemize their casino revenue to individual games in their monthly reports. However, Maryland combines its revenue as the Maryland Lottery and Gaming Control Agency categorizes GGR as tables and slots only.

The state’s slot machines earned operators $109.1 million in August, hence a three percent decrease, equal to $35.2 million compared to August 2022. Still, table games generated $52.3 million, an eight percent drop from August 2022’s over $56.7 million.

Maryland doesn’t specify slot terminals and table game rates. So, it is uncertain if its reduced gaming revenue is due to casinos accepting fewer bets or the house having poor holds.

The Old Line State casinos made less profit in July 2023 than in July 2022. Atlantic City’s operators performed poorly that month as they raked in $290 million, $9 million less than in July 2022.

New Jersey’s land-based casinos’ GGR reduced by three percent in July, but they haven’t released their August gaming revenue report. Pennsylvania’s brick-and-mortar casinos also made less profit.

Online Casino in Maryland

Maryland’s Legislature requested its gaming regulator to conduct a study to determine how it will benefit from online casinos if it allows them. The Innovation Group is assessing possible tax benefits as Annapolis lawmakers back the iGaming bid.

Senator Nancy King (D-Montgomery) and Senator Ron Watson (D-Prince George) introduced a bill in January 2023 advocating for a ballot to offer Marylanders an opportunity to amend the state’s constitution. However, the Senate Budget and Taxation Committee rejected Senate Bill 267.

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