Maryland's Casinos Register Virtually No Yearly Revenue Growth
LISTEN TO THIS ARTICLE:As land-based casinos began to come back online following the COVID-19 pandemic, Maryland’s casinos continuously recorded massive improvements. However, they haven’t kept up the pace, with June showing only a very minor increase.
Maryland Casinos Slow Down
Maryland's six casinos witnessed a year-on-year rise of less than 1% in their combined slot and table game revenue last month, earning a total of $163.71 million through June. By way of comparison, from 2020 to 2021, the casinos saw a 56.8% jump.
Prince George's County MGM National Harbor, home to 2,290 slot machines and 210 table games, topped the list, recording $69 million in revenue. This is a gain of less than 1%, as the property added just $632,428.
Live! Casino and Hotel Maryland in Anne Arundel County raked in $57.97 million in revenue. The property is the largest, in terms of number of slots, of the land-based casinos in the state. With its 3,845 slot machines and 179 gaming tables, the venue’s revenue witnessed a 3.5% climb, shooting up by $1.97 million.
Caesars' Horseshoe Baltimore clinched the third spot, earning a commendable $15.94 million in total revenue. The 1,430 slots and 122 gaming tables experienced a significant drop of 6.5% ($1.11 million), marking the most substantial decrease within the state in June.
Ocean Downs Casino & Racetrack followed, picking up $8.67 million in revenue from gambling. The $125,524 increase gave it a 1.5% year-on-year boost.
Two Casinos See Big Drops
Allegany County's Rocky Gap Casino Resort experienced a significant decline in performance. With 620 slots and 16 gaming tables, its revenue dropped by 4.1% to $5.11 million. That’s $221,622 less than where it was a year ago.
The state's largest loss went to the Hollywood Casino Perryville. The Penn Entertainment property recorded $6.95 million in revenue, 5.9% less than a year ago. The property, like Rocky Gap, is also one of the smaller venues, offering just 690 slots and 19 gaming tables.
The state’s coffers increased in accordance with the totals. It received $69.43 million in June, 1.6% more compared to June 2022. Out of this amount, $50.43 million was funneled into the Education Trust Fund, increasing its funding by 1.5% ($764,425). The rest goes to other established goals, including local communities, small businesses and the state’s horse racing industry.
More Finance News
RELATED TOPICS: Finance
Latest News
Responsible Gambling
Parlays, Pressure, and Addiction - The Risks of Modern Sports Betting
Dec 20, 2024Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Maryland's Casinos Register Virtually No Yearly Revenue Growth