In October 2023, Maryland’s six casinos collectively generated $159.8 million in gaming revenue, marking a notable 24.9% decrease compared to the same month in 2022. The Maryland Lottery and Gaming Commission reported that MGM National Harbor emerged as the revenue leader, contributing $67.3 million to the overall figure.
Breakdown of Casino Contributions:
MGM National Harbor Leading the Way:
MGM National Harbor secured the top position in October’s revenue charts, recording $67.3 million in gaming revenue. This flagship casino was closely followed by Live! Casino & Hotel, contributing $57.8 million to the total.
Contributions from Other Casinos:
The remaining four casinos reported the following gaming revenues:
Horseshoe Casino: $14.8 million
Ocean Downs Casino: $8.2 million
Hollywood Casino: $6.7 million
Rocky Gap Casino: $4.9 million
Statewide Impact and Contributions:
Overall Revenue Decline:
The collective gaming revenue of $159.8 million reflects a 24.9% year-on-year decline, indicating a challenging period for Maryland’s gaming industry in October 2023.
Contributions to State Finances:
Casino gaming contributions to the state in October 2023 amounted to $67.2 million, representing a 15.9% decrease compared to the same period in 2022. These contributions play a vital role in supporting various sectors, including the Education Trust Fund, where a total of $48.5 million was allocated, reflecting a 16.9% decline.
Supporting Local Communities:
Beyond state finances, casino gaming revenues contribute to the communities and jurisdictions where the casinos are located. Additionally, they play a crucial role in supporting Maryland’s horse racing industry and small, minority- and women-owned businesses.
October 2023 posed challenges for Maryland’s gaming industry, marked by a significant decline in gaming revenue. Despite the headwinds, MGM National Harbor maintained its position as a revenue leader. The comprehensive breakdown of contributions to state finances emphasizes the broader impact of gaming revenues, not only on the state but also on local communities, education, and various industries. As the industry navigates these challenges, strategic measures and adaptations will likely play a crucial role in revitalizing Maryland’s gaming landscape in the coming months.