Maryland casinos break monthly revenue record in October
Maryland’s six operating casinos reeled in $212.9 million in gaming revenue in the month of October. The amount is an all-time record for the state’s gaming industry in a single month.
The Maryland Lottery and Gaming Control Commission revealed that the casinos reported gross gaming revenue (GGR) for October. The GGR this month is significantly higher than the previous record of $181.5 million record set in July this year. It is also up by 17% or approximately $31.4 million from the amount.
Maryland casino’s October haul is also more than 37% higher than the revenue generated in October 2021 and up from $159.3 million recorded in September 2022.
Out of the recorded amount for October 2022, MGM National Harbor contributed a record of more than $115m. The casino located just outside DC was up 105.8% from its reported amount in October 2021.
MGM Resorts’ casino’s $59 million year-over-year increase resulted from the earnings from table games. Last month, the gaming venue won almost $73.2 million from the activity, and in October 2021, tables in MGM National Harbor brought in $14.5 million.
As a result of the return of concerts, conventions, and events, several players trooped to the resort recently, causing a significant revenue boost. Due to the increased demand, in mid-October, MGM National Harbor started putting up job listings as well as hiring events for table game dealers.
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While the table games revenue saw a significant increase, the establishment’s slot revenue was flat year-over-year. Sports betting was responsible for MGM’s additional revenue. The activity began at National Harbor towards the end of 2021.
Unlike MGM National Harbor, which recorded its best month ever, other Maryland casinos recorded revenue rollbacks in the October gaming revenue report. The second establishment to bring in the most contribution is Live! Casino & Hotel Maryland. The gaming venue located at Arundel Mills generated $59.7 million, a significantly lower amount than MGM National Harbor.
Live! Casino & Hotel Maryland’s amount for October is 1.9% lower than the revenue recorded for October 2021. At the time, the Hanover casino reeled in $60.8 million. Baltimore’s Horseshoe Casino was up 1.5% this month with a record of $17.4 million.
Out of the three resort-style casinos, two reported year-over-year drops. The venues are smaller than others in Maryland, with not up to 1,000 slot machines and 20 table games.
Hollywood Casino Perryville was down 1.3% with a $7.5 million record, while Rocky Gap in Flintstone recorded a 9.5% drop with $5.2 million. Ocean Downs, however, was up 4.7% from its October 2021 record with an $8 million revenue this month.
Maryland took approximately $80 million from its gaming revenue for October to tend to several state programs. Out of the $832.3 million recorded in casino revenue to the state between June 1, 2021, and June 30, 2022, an impressive $611.6 million was directed to the Maryland Education Trust Fund (ETF).
The purpose of the trust fund is to lend a hand in early childhood education, as well as public elementary and secondary education. It also covers public school construction along with capital improvement projects. The ETF received $58.3 million from October’s gross gaming revenue.
The seven sports books registered to a sports betting handle in Maryland reported $31.4 million in September. The amount is a 67.9% increase when placed beside August’s $17.7 million.
The Maryland Lottery and Gaming Control Commission reported that sports books had a 17.6% hold for September. The win rate is slightly higher than the 17.2% recorded for August. The state claimed $984,308 in taxes, a chunk of which was directed to Maryland’s Future Fund blueprint.
Live! Casino recorded a $12.7 million handle. The gaming venue managed a FanDuel Sportsbook and was followed by MGM National Harbor, which operated BetMGM. The company reported $8.6 million in revenue.
Horseshoe Casino’s Caesars Sportsbook and TwinSpires, operated by Ocean Downs Casino, both recorded a $1.5m handle. The last of the top five was Hollywood Casino’s Barstool Sportsbook with $1m.
Due to the new monthly revenue record set in October this year, there was an additional record tax revenue for the month. For September, casino gaming contributions to Maryland reached a total of $79.9 million which is $11 million higher than in October 2021.
Lawmakers expect that more gaming should reflect in the required gaming tax dollars. Online sports betting will officially kick off in the next few weeks after a significant regulatory delay. The state hopes to kick off regulated online sportsbooks by December properly.
The MLGCC already declared Maryland’s six casinos, along with their online sportsbook partners, as suitable recipients for licenses. The Maryland Sports Wagering Application Review Commission will reportedly issue their licenses on November 21 when it meets.