Maryland Gaming Revenue Continues to Climb
LISTEN TO THIS ARTICLE:In July, Maryland's retail casino industry saw a total revenue of $174.3 million, a sum that includes earnings from both slot machines and table games. This amount marks an increase of over $10 million from June's figures. Despite this growth, revenue still fell by 4% compared to the record-setting revenues of July 2022.
From the total revenue, over $73 million went to the state as tax revenue and $52.7 million was directed to the Education Trust Fund. This has driven the total contributions to the fund for the year 2023 to surpass $360 million.
Yearly Growth Slows
In July 2022, Maryland casinos recorded their second-greatest monthly revenue ever, reaching $181.5 million, a milestone in the industry's 13-year history. Although this amount was a record at the time, it was eventually exceeded in October of the same year.
Related: Significant iGaming Increase for DelawareAlthough not reaching the July 2022 record, Maryland casinos' total performance in 2023 is still marginally better than the previous year. The combined revenue of the six casinos from January to July amounted to $1.183 billion, slightly above the $1.181 billion achieved during the same timeframe in 2022.
With the beginning of the new fiscal year in July, Maryland casinos are faced with the challenge of meeting the performance of the last fiscal year. The anticipated arrival of patrons for poker tournaments at the state's casinos may play a role in achieving this goal.
State's Six Casinos Continue Upward Trajectory
MGM National Harbor led the way among Maryland's six casinos as the highest revenue producer, bringing in $72.2 million. This figure, though impressive, represents a slight decline of just over $5 million compared to the earnings from the previous year.
Live! Casino & Hotel secured the second spot in revenue for the month, earning a total of $62.7 million. Unlike other establishments, Live! Casino was the only venue to witness revenue growth year-on-year for July 2023. The increase, amounting to roughly $1.2 million or 1.9%, marked a significant achievement for the establishment.
Horseshoe Casino experienced a revenue drop of 12.9% from July 2022, recording $16 million, while Ocean Downs Casino's revenue fell by 4.2% to $10.1 million. Hollywood Casino Perryville also faced a downward trajectory, though minor at 0.6%, bringing its total to $7.5 million.
Rocky Gap Casino's revenue declined as well, down 6.6%, to a total of $5.8 million. Together, these figures represent a trend of revenue declines across these establishments as compared to the previous year.
More Finance News
RELATED TOPICS: Finance
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Maryland Gaming Revenue Continues to Climb