Maryland’s casino revenue figures continues worrying trend
Maryland is struggling to buck the trend of a decline in casino revenue figures, according to the latest results published by state regulators.
Across the six land-based casinos, Maryland chalked up a total of $157.72 million in revenue for November. This represented a 3.5% drop (or $565m less) compared to the same corresponding period last year, while this was a 1.31% decrease on the figure for October 2023.
Perhaps more disconcertingly, the revenue generated for November was the third-lowest month this year, whereas March, April, and July were valued as being the strongest.
Indeed, Maryland Lottery and Gaming, which is responsible for presiding over the casino landscape in the state, including the distribution of licenses, published its findings, and they have a separate report for sports betting revenues.
Of the casinos that experienced the sharpest month-on-month falls were Ocean Downs Casino which saw their revenue crash by over 14.12%.
Meanwhile, Rocky Gap Casino hit the rocks in November, as their revenues plummeted by 7.27%.
However, to dispel the air of doom and gloom, three Maryland casinos announced an uptick in annual revenues — Live! Casino & Hotel, Ocean Downs Casino, and Hollywood Casino.
Ocean Downs Casino was the biggest winner on that score, garnering over $7m in revenue, which in turn, indicated a 7% rise on last year’s figure.
Meanwhile, the disappointing revenue figures translated into the slump in casino gaming contributions to the state.
In November, this figure reached $66,150,282, a 2.3% drop compared to last year, and a 1.64% monthly decrease from October 2023. The bulk of the gaming contributions go to the Education Trust Fund, while capital raised also goes towards helping support local businesses.
The picture across the board revenues wise will leave Maryland’s casino operators rather anxious heading into Christmas, but perhaps the start of 2024 will give them more of an impetus and renewed optimism.
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