Maryland given stark reality check after posing state casino revenues

Article by : Charles Perrin Nov 8, 2023

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Maryland has been given a bit of a stark reality check after posting its latest casino revenue figures, and the year-on-year picture makes for grim reading.

Combined, Maryland’s casinos garnered gross gaming revenue (GGR) of $159.8million for October 2023, and this marked a 25% drop compared to October 2022.

Figures showed that October 2022 represented the best month on record for Maryland’s six commercial casinos as they hauled in close to $213m in revenue.

MGM National Harbor headed the losses, as they saw revenues plunge by 41.5% or $47.7m to just over $115m for October 2023 compared to the same period last year.

Meanwhile, Live! Casino & Hotel, which boasts over 3,800 slot machines and roughly 180 tables, saw revenues drop by 3% to approximately $57.8m.

The only casino that fared well when taking into consideration the year-on-year picture was Ocean Downs Casino, and it saw its October 2023 figure increase by close to 2.6%, generating over $8.2m in revenues.

Perhaps the tumble in casino revenues shouldn’t come as an entire shock, given there were fewer weekend days in October 2023 (eight) compared to October 2022 (10).

That all said, the monthly revenue figures presented a rare brigh, indicating that it isn’t all doom and gloom for Maryland.

Despite a bruising year-on-year return for MGM National Harbor, they were the biggest gainers from a monthly perspective, as October 2023 revenues climbed over 8.5% to around $67.3m.

Moreover, table games, as suggested by the Maryland Lottery and Gaming Commission’s report helped offset some of the losses made elsewhere.

Maryland’s 2024 fiscal year started on July 1, and over the past four months, gaming revenues have cooled down. Indeed, revenues from July to October stood at $650m, signaling a 10% drop from the 2023 fiscal year. Economic pressures, such as inflation and reduced consumer spending have been viewed as contributory figures.

While there may be some worries about the state of the Maryland casino industry judging by these sets of figures, it is hoped they will ride out the storm and rebound next year.