In October, gaming revenue in Maryland decreased by 25%, amounting to $159.8 million at six winning casinos.
The gambling establishments in Maryland earned $159.8 million from gamblers in November, a 25% drop compared to the record-breaking October of last year. During that exceptional month, the six commercial casinos across the state raked in almost $213 million.
In October 2022, Maryland's gambling industry witnessed its best month ever in terms of gaming revenue. However, November's earnings were a reality check for the industry. With just eight weekend days in October 2023 compared to ten in October 2022, the drop wasn't surprising.
As a result of the decrease in revenue, the state's share of taxes dipped. The Education Trust Fund received about $48.5 million, down $9.8 million from the previous year. It also provided about $18.7 million for horsemen and minority- and women-owned businesses.
Gambling earnings in Maryland increased 3% from September to $159.8 million. September had 30 days, while October had 31.
Out of all the casinos, MGM National Harbor topped the list with a gaming revenue of $67.3 million. But it was a 41.5% decrease, or $47.7 million, when compared to the whopping $115 million won in October 2022. At MGM National Harbor, you'll find 2,301 slot machines and 207 table games.
Live! Casino & Hotel Maryland was second with a revenue of $57.8 million, down about 3% from the previous year. With 3,890 slots and 179 tables, this casino is no slouch.
Caesars Entertainment's Horseshoe Casino Baltimore didn't fair well, either, earning only $14.9 million, a 15% year-over-year decrease. Caesars has been investing in the surrounding area to create a more attractive tourist destination but hasn't seen significant returns on their casino floor.
Maryland's three other casino-style resorts, namely Ocean Downs, Hollywood Casino Perryville, and Rocky Gap, made around $19.8 million.
This month's gaming statistics only include revenue from retail slot machines and table games. The Maryland State Lottery & Gaming Control Agency will release sports betting revenue numbers later this week. In Maryland, both online and in-person sports betting are available, with odds enthusiasts averaging about $20 million a month in gross income.
Maryland's fiscal year 2024 began in July, and by the end of October, the casinos experienced a decline in their winnings. Over the first four months, the casinos earned $650.6 million, a 10% drop from the almost $723 million generated during the same period in fiscal year 2023. Some economic pressures such as inflation and reduced consumer spending could be the culprits, as more people cut back on entertainment and leisure expenses. The US unemployment rate has increased from 3.5% in July to 3.9% in the last month. The United States Department of Labor's Consumer Price Index (CPI) went up by 0.6% in August and 0.4% in September. The CPI measures the average change in prices for common goods and services. Compared to the previous year, the CPI is up 3.7%.
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Source: www.casino.org
