MGM National Harbor in Maryland has emerged as a prominent player in the state’s casino industry, outshining other commercial casinos outside of Nevada in 2022. With substantial revenue growth from slots and table games, this resort and casino has not only contributed significantly to the local economy but also demonstrated the potential of the Maryland gaming market.
Impressive Revenue Growth:
According to the American Gaming Association (AGA), MGM National Harbor’s revenue from slots and table games reached an impressive $884.46 million in 2022. This notable achievement marked a remarkable 15 percent increase compared to the previous year, underscoring the sustained growth and popularity of the resort.
Dominance in the Maryland Market:
MGM National Harbor’s success is further highlighted by its significant contribution to the overall gaming revenue in Maryland. Accounting for 43.12 percent of the state’s casino gaming revenue in 2022, the casino has established itself as a major player in Maryland’s gaming landscape. The launch of retail sports betting at National Harbor in December 2021 also added another revenue stream, generating $11 million in its initial stages.
Regional Impact:
In the broader context, MGM National Harbor’s performance is reflective of the growing appeal of the Baltimore-Washington, D.C. market. Ranked as the third-largest market in the United States, following the Las Vegas Strip and Atlantic City, this region showcases the demand for entertainment and gaming offerings in the northeastern United States.
Maryland Sports Betting Landscape:
The success story extends beyond traditional casino gaming to the realm of sports betting. In January, Maryland’s sports betting industry gained momentum, with a total handle of $441.4 million. The figures released by the Maryland Lottery and Gaming Control Agency (MLGCA) indicate a healthy mix of retail and mobile bets, with mobile wagering accounting for the majority of the handle. The positive impact of sports betting on the state’s revenue is evident from the $2.1 million contributed to the Blueprint for Maryland’s Future Fund, supporting vital public education programs.
MGM National Harbor’s achievements exemplify the dynamic and evolving nature of the gaming industry in Maryland. Its robust revenue growth, dominance in the market, and positive impact on the regional economy are indicative of its successful integration within the state’s entertainment landscape. As the state continues to expand its gaming offerings and explore new avenues such as sports betting, MGM National Harbor’s role as a leading player sets the stage for further growth and innovation in Maryland’s gaming sector.