Maryland casino gaming revenue falls 3.5% to $157.7 million in November
Maryland casinos generated just over $157.7 million in gross gaming revenue (GGR) in November, down 3.5% year over year.
Maryland has six commercial casinos and state law prohibits indoor smoking. The Maryland Lottery and Gaming Control Agency's monthly revenue report includes gaming revenue from slot machines and table games.
November GGR included $105.2 million from slot machines and $52.5 million from table games. Sports betting revenue will be reported in a separate filing later this month.
MGM National Harbor outside Washington, D.C., was the state's top performer, and that continued in November, when the integrated resort won about $66.4 million at its casino, which has 2,275 slot machines and 207 gaming machines. table. National Harbor’s November GGR fell nearly 7% compared to November 2022.
Cordish Company is online! The Maryland Casino Hotel, near BWI Airport, came in second with 3,850 slot machines and 179 gaming tables and $58 million in revenue. That’s an increase of 1.6% compared to the same month last year.
Caesars Entertainment Corp.'s Horseshoe Casino in Baltimore ranked third with $14.6 million. The city's casinos continue to struggle, with revenue from its 1,374 slot machines and 122 table games down nearly 11 percent.
Maryland's three smaller resort-style casinos won $18.4 million. Berlin's Ocean Downs earned $7 million, up 7 percent. Hollywood Casino Perryville was flat at $6.8 million, while Flintstone's Rocky Gap Casino's GGR fell 6.5 percent to $4.5 million.
Feeling Issues
In 11 months, Maryland casinos won about $1.22 billion on slot machines and $594.7 million on table games, for a total winnings of $1.817 billion. This time last year, year-to-date GGR was $1.885 billion.
Casinos across the country continue to experience strong gambling activity, with several states, including Nevada, reporting unprecedented revenue. Home to Las Vegas, which has added at least $1 billion over the past 32 months, 2023 will be Nevada’s third consecutive record year.
Two states close to Maryland - Pennsylvania and New Jersey - are also on track to set new records for gambling revenue this year. But in the old line states, GGR shrunk slightly.
Don't blame the slot machines. While slot machine prizes increased 0.5%, or $5.1 million, over 11 months, total table game revenue fell significantly. Table games earned $594.7 million in player bets from January to November. That's an 11% drop, a loss of more than $74 million in revenue.
Unlike Nevada, Maryland's revenue reports do not break down revenue by table games, nor do they report monthly win percentages for table games. Therefore, it's difficult to pinpoint the cause of the year-over-year losses, but it's likely a combination of a worse home win percentage and slightly fewer games overall.
Sports Betting Offset Losses
Maryland sports betting begins in December 2021, but online books don’t begin operating until December 2022. Gambling and sports betting revenue has grown significantly since the introduction of internet gambling, offsetting some of the losses from land-based table games this year.
Between July 1 and October 31, 2023, Maryland Sportsbook generated $99.4 million in GGR through its retail and online operations. While there's more to this than the table denies, not all sports betting funds stay at the casinos, as those funds are shared with third-party partners like DraftKings and FanDuel.
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Source: www.casino.org
