Maryland casinos reveal distorted financial picture from 2023
Maryland has released its financial figures for casino gaming in 2023, and there are a few misleading signs judging by the results.
At first glance, the data released by the Maryland Lottery Gaming Authority indicates the industry made steady progress in December 2023, making marginal gains of 0.3% on the previous month.
A breakdown of the six state casinos emphasized the dominance of MGM National Harbor, which generated gross gaming revenues (GGR) of $70.8 million last month, reflecting a 2.1% uptick compared to December 2022.
Meanwhile, Horseshoe Casino was one of the biggest losers, with the $15.2m in GGR chalked up in December 2023 representing a slide of 9.6% on the same corresponding period for 2022.
Overall, the six state casinos won $165.5m in December to cap off the year.
But scratch beneath the surface, and the Maryland casino industry has experienced a slowdown for in-person betting.
In 2023, Maryland casinos combined to win roughly $1.98 billion denoting a 3.3% decline in the figure for 2022.
In real money terms, the state’s commercial casinos collected $68.5m fewer gaming dollars than they did in the previous year.
While the MGM’s integrated resort continued to lead the way, there was an ostensible decline in table game winnings.
Indeed, in 2023, winnings of $348.4m on the table accounted for less than half of the overall GGR reported, reflecting a 6% fall compared to 2022 whereby almost $407.5m was hauled in winnings for games on the felt.
That shelved to one side, December’s GGR figure meant Maryland stumped up $50.6m in gaming taxes allocated to the Education Trust Fund which helps support local communities and jurisdictions.
In the meantime, there have been talks mooted for the 2024 legislative session that could see Maryland senators back a bill that would tie together online casino gaming and poker through a special multi-state iGaming agreement (MSIGA).
For now, Maryland will be hoping to right the wrongs of 2023 and get more patrons through its casino doors this year.
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