October Sees 25 Percent Decrease in Maryland Gaming Revenue

Posted on: November 7, 2023, 07:51h. 

Last updated on: November 7, 2023, 07:51h.

Maryland casinos saw a significant drop in gross gaming revenue (GGR) last month, totaling $159.8 million, marking a nearly 25% decrease from October 2022.

Maryland casino gross gaming revenue
A roulette table at MGM National Harbor in Oxon Hill, Md. Maryland casinos saw their gaming win drop significantly in October 2023 compared with October 2022. (Image: AP)

October 2022 remains the best month on record for Maryland’s gaming industry, with the six commercial casinos winning nearly $213 million on unusually high volume. However, the industry saw a return to reality last month, which was expected due to fewer weekend days compared to October 2022.

Contributions to the Education Trust Fund totaled about $48.5 million, representing a decrease of $9.8 million compared to the previous year. About $18.7 million in casino contributions went to the horsemen and small, minority-, and women-owned businesses.

MGM National Harbor remained the top casino in terms of gaming revenue, bringing in approximately $67.3 million. However, this marked a 41.5% decline from October 2022 when the integrated resort won an all-time high of $115 million.

Live! Casino & Hotel Maryland ranked second at $57.8 million, down about 3% from a year ago. The property boasts 3,890 slots and 179 tables.

Caesars Entertainment’s Horseshoe Casino Baltimore continued its struggles, as the city casino won just $14.9 million, representing a 15% year-over-year decline.

Maryland’s three resort-style casinos combined to win about $19.8 million.

The October gaming report includes revenue from only retail slot machines and table games. Sports wagering numbers will be reported later this week.

Gaming Cooldown in Maryland

Maryland’s casino revenue from July through October totaled $650.6 million, a 10% drop compared to the previous fiscal year. Economic pressures, primarily inflation and reduced consumer purchasing power, are likely to blame for the decline in gaming revenue.

The US Labor Department’s Consumer Price Index (CPI) rose 0.6% in August and 0.4% in September. The index is up 3.7% from a year ago.


Source link

Leave a Comment