Maryland’s six casinos have reported encouraging gaming revenue figures for the month of August, experiencing a 0.5% increase compared to the same period last year. Despite a slight dip from the record-breaking revenue reported in July, the overall performance reflects the resilience of the state’s gaming industry. Leading the way was MGM National Harbor, which registered a notable 6.5% growth in revenue, followed by Ocean Downs Casino with a commendable 6.8% increase. Additionally, the Maryland Lottery and Gaming Control Agency’s approval of DraftKings’ application for a retail sportsbook at the Timonium Racetrack further highlights the state’s commitment to fostering a thriving gaming ecosystem.
August Gaming Revenue Overview:
Maryland’s six casinos collectively earned $169.3 million in gaming revenue in August, marking a modest 0.5% increase compared to the same month last year. While it was slightly lower than the record-breaking $181.5 million revenue recorded in July, the overall performance reflects the stability and resilience of the state’s gaming industry. The steady growth in gaming revenue is a positive sign for the region’s casinos, reaffirming their significance as key contributors to Maryland’s economy.
Top-Performing Casinos:
Among the six casinos, MGM National Harbor emerged as the frontrunner, generating $71.8 million in revenue, showcasing a remarkable 6.5% increase compared to August 2021. Ocean Downs Casino followed closely, reporting a noteworthy 6.8% growth, earning $10.5 million in revenue. Live! Casino & Hotel experienced a slight downturn of 4.5%, recording $56.8 million, while Horseshoe Casino saw a decrease of 4.2%, earning $17.2 million in revenue. Hollywood Casino Perryville and Rocky Gap Casino also faced declines in revenue, down by 7.4% and 2.1% respectively.
Record-Breaking July Performance:
In July, Maryland’s casinos achieved a significant milestone by setting a new gaming revenue record, surpassing the previous single-month record set in July 2021 by 0.8%. This exceptional performance underscored the industry’s growth and potential, demonstrating the resilience of the gaming sector even amidst challenging times.
Contributions to the State:
The casinos’ steady revenue growth in August contributed over $70 million to the state, marking a minor 0.6% decrease compared to the same month last year. The Education Trust Fund received $51.5 million, further highlighting the positive impact of the gaming industry on Maryland’s public education.
DraftKings’ Retail Sportsbook Approval:
The Maryland Lottery and Gaming Control Agency granted initial approval for a DraftKings sportsbook at the Timonium Racetrack, located within the Maryland State Fairgrounds. This approval is part of a 10-year agreement signed between DraftKings and the Maryland State Fair in 2020. The agreement includes shared renovation costs for an area under the grandstands of the Timonium racetrack, where the new sportsbook facility will be established. The approval signifies Maryland’s commitment to embracing sports betting as part of its gaming offerings.
Maryland’s casinos have showcased steady growth in gaming revenue during August, reflecting the industry’s resilience and potential. MGM National Harbor’s impressive performance, along with other notable revenue increases, reaffirms the casinos’ significance as key contributors to the state’s economy. The record-breaking performance in July and continued contributions to the state underscore the strength of Maryland’s gaming industry. The approval of DraftKings’ retail sportsbook further demonstrates the state’s commitment to expanding its gaming offerings and fostering a thriving gaming ecosystem. As the gaming landscape continues to evolve, Maryland remains poised for further growth and success in the dynamic gaming market.