Maryland’s gaming industry experienced a revenue of $174.3 million in July, marking a 4% decrease compared to the same month in 2022. Despite the year-on-year decline, July saw a 6.4% increase in revenue compared to June 2023. Notably, MGM National Harbor emerged as the top revenue generator among the state’s six casinos, contributing to the overall performance of Maryland’s gaming sector.
Breakdown of Casino Revenues:
MGM National Harbor led the way with $72.2 million in gaming revenue, followed by Live! Casino & Hotel, which generated $62.7 million. Horseshoe Casino reported $16 million, Ocean Downs Casino contributed $10.1 million, Hollywood Casino added $7.5 million, and Rocky Gap Casino generated $5.8 million. Live! Casino was the sole facility to report a year-on-year revenue increase for July, demonstrating its resilience within the market.
Contributions to State Finances:
In terms of contributions to the state, casino gaming provided $73.1 million, reflecting a 3.8% decrease compared to July 2022. Contributions to the Education Trust Fund (ETF) amounted to $52.7 million, representing a 4.6% decrease year-on-year. Despite the monthly fluctuations, the cumulative contributions to the ETF for the year surpassed $302 million, emphasizing the ongoing financial support to education initiatives.
Year-to-Date Comparison:
Analyzing the performance from January through July, the combined revenue of Maryland’s six casinos reached $1.183 billion. In comparison, during the same period in 2022, the total revenue stood at $1.181 billion. This data indicates a stable performance, with the gaming industry contributing significantly to the state’s economic landscape.
Maryland’s gaming industry faced a slight dip in revenue during July, primarily attributed to a year-on-year decrease of 4%. Nevertheless, the state’s casinos demonstrated resilience and a positive trajectory by recording a monthly increase compared to June 2023. MGM National Harbor’s leading contribution underscores its position as a key player in Maryland’s gaming landscape. The consistent financial support provided to the Education Trust Fund further emphasizes the vital role of the gaming sector in contributing to statewide initiatives. Despite the challenges, Maryland’s casinos remain integral to the economic and educational well-being of the state.