In December 2023, Maryland’s six casinos contributed significantly to the state’s revenue streams, showcasing a nuanced performance in their gaming revenue compared to the previous year. The collective gaming revenue from slot machines and table games amounted to $165.6 million, exhibiting a marginal 0.3% increase from December 2022. These contributions, a vital component supporting diverse sectors including the Education Trust Fund, community development, the Maryland horse racing industry, and small, minority- and women-owned businesses, remain integral to the state’s financial landscape.
Casino Contributions and Breakdown
The total casino contributions to Maryland in December 2023 amounted to $70.2 million, marking a 0.7% increase from the corresponding period in the previous year. Each of the six privately owned casinos contributed to this revenue in varying degrees, with MGM National Harbor leading the way by generating $70.8 million, showcasing a 2.1% increase from December 2022. Live! Casino & Hotel reported $60.6 million, reflecting a 1.5% growth, while Horseshoe Casino experienced a decline of 9.6% with $15.2 million in revenue. Ocean Downs Casino and Hollywood Casino Perryville both exhibited fluctuations, with Ocean Downs Casino accounting for $7 million (a 2.7% decrease) and Hollywood Casino accumulating $7.6 million (a 4.0% increase). Rocky Gap Casino posted $4.4 million, signifying an 8.2% decrease from December 2022.
Comparative Analysis: December 2023 vs. November 2023
While December 2023 witnessed a marginal increase in gaming revenue, November 2023 saw a decline, totaling $157.7 million, down by 3.5% from the previous year. Noteworthy variations among individual casinos included a 10.6% decrease for Horseshoe Casino Baltimore, contrasting with Live! Casino & Hotel and Hollywood Casino Perryville, which experienced growth of 1.6% and 0.1%, respectively.
Diversification of Revenue Sources
Beyond casino revenues, Maryland experienced growth in gaming revenue from other avenues. October 2023 marked a peak in sports wagering revenue at $5.8 million. The cumulative contribution of $66.2 million from casinos to the state, with $47.7 million directed towards the Education Trust Fund, demonstrates a diversified revenue stream bolstering various sectors within Maryland.
Maryland’s casino landscape in December 2023 showcased both increments and decrements in gaming revenue across its six major establishments. While some casinos experienced growth, others faced declines, painting a nuanced picture of the industry’s performance. Despite variations, the contributions play a crucial role in supporting key sectors, exemplifying the intricate interplay between the gaming industry and broader state development initiatives.
This intricate web of financial support from casinos underlines the significance of the industry beyond entertainment, reinforcing its role as a substantial economic contributor to Maryland’s diverse sectors. The strategic allocation of funds from casino revenue remains pivotal in fueling educational initiatives, fostering community growth, and supporting essential industries, ensuring a multifaceted approach to statewide development and sustainability.