Maryland casino revenue took a year-over-year hit in December, as the state’s six locations totaled $165.2 million in revenue (-4.5% YoY). For the year, however, Maryland casinos topped $2 billion in revenue — a new record.
Maryland state revenue down slightly from 2021
The six Maryland casinos found throughout the state are each retail brick-and-mortar venues. Online casino gambling remains prohibited.
Of the $165,2 million in revenue generated by Maryland casinos in December, $110.5 million came from slots — roughly double the $54.7 million that table games produced.
However, these numbers only tell a small portion of 2022’s overarching storylines.
One monumental accomplishment — retail casino revenue topped $2 billion in the calendar year for the first time in state history.
Another: online sports betting launched in November, revealing a promising for retail casinos and Maryland’s long-term gambling landscape.
The state took in $69.7 million for the year (-2% YoY), with $50.7 million (-2.1%) going to Maryland’s Education Trust Fund. The remaining $19 million went primarily toward local aid, horse racing, and supporting local small-, minority- and women-owned businesses.
Retail casino outlook remains favorable, despite a down month
Nearly two months have passed since Maryland online sports betting went live, with sports betting figures expectedly skyrocketing as a result.
Prior to the Nov. 23 launch date of online sportsbooks, monthly handles totaled in the tens of millions throughout 2022. Since going live, 96% of all action has come from sportsbook apps, causing that number to multiply.
The first week of online wagering closed out November with over $200 million in handle. December was the first full month recorded, and the handle almost hit $500 million.
Retail books should remain largely unaffected, even with most bets placed on a device. Halfway through the 2022-2023 fiscal year, revenue totals $1.05 billion, up $49 million (+4.9%) YoY.
Furthermore, the overlap between casino gambling and sports betting money wagered tends to be minuscule.
In fact, even the overlap between online-versus-retail casino gamblers is virtually nonexistent. States such as Pennsylvania, Michigan and New Jersey have experienced that firsthand, enabling them to take advantage of a thriving online casino industry without affecting retail casino gross gaming revenue.
If anything, these results suggest that it’s in the best interest of states to offer both online brick-and-mortar casino gambling. Any decline in revenue likely comes from other external circumstances.
Two casinos continue to dominate
MGM led the pack with $69.4 million in revenue (-$5.1 million; -6.9% YoY), maintaining the top spot in the state thanks to a strong table games performance of $28 million.
Slot revenue between the two properties was nearly identical: MGM had $41.3 million in slot revenue to Live!’s $41.1 million. Live! accounted for $18.6 million in the pits, bringing its monthly total to $59.7 million (-$2.8 million; -4.4% YoY).
No other casino came close to these two, as revenue for the other four properties reached only a combined $36.1 million.
Maryland Casino Revenue In December
|MGM National Harbor||$41.3 million||$28 million||$69.3 million|
|Live! Casino & Hotel Maryland||$41.1 million||$18.6 million||$59.7 million|
|Horseshoe Casino Baltimore||$11 million||$5.8 million||$16.8 million|
|Hollywood Casino Perryville||$6.2 million||$1.1 million||$7.3 million
|Ocean Downs Casino||$6.5 million||$678,000||$7.2 million|
|Rocky Gap Casino Resort||$4.3 million||$512,000||$4.8 million|
|Total||$110.5 million||$54.7 million||$165.2 million|
Two other properties show year-over-year profit in December
Outside of the top two properties, Horseshoe Casino Baltimore made up nearly what remained, bringing in $16.8 million for the month (-$244K; -1.4% YoY).
Hollywood reported $7.3 million in revenue (+$106K; +1.5% YoY), edging out Ocean Downs’ $7.2 million (+$490K; +7.3% YoY) by less than $100,000.
Ocean Downs actually outperformed Hollywood by $285K in slots, but it took in only $678K in table games revenue, compared to Hollywood’s $1.1 million.
Rocky Gap, the state’s smallest casino by a wide margin, recorded $4.8 million for the month, a $183K drop (-3.7%) YoY.
Will 2023 show more growth?
Maryland casinos should expect a bump in traffic for January due to the NFL playoffs, even with the Ravens losing their wildcard matchup against the Cincinnati Bengals. Poker tournaments at Maryland Live! and MGM National Harbor are also running throughout the month, which should bring in additional business.
In years past, January has been one of the slower months of the year. Thus, a bump in January can set the pace for the rest of the year, especially as March Madness will be here before we know it.
The ceiling for Maryland’s casinos remains unknown, though. Casinos set single-month records three times in 2022 (May, July and October) – a tall task to top, especially as October’s revenue reached $212.9 million.
However, casinos can still have a successful year, even if they don’t break $200 million monthly. Revenue has steadily increased since casinos reopened in 2020, and plenty of room remains for consistent growth this year and beyond.