Maryland casino revenue continued to slip in November.
The $157.7 million in adjusted gross revenue in November was down 3.5% compared to November 2022’s $163.4 million. Last month’s casino revenue was also 1.3% lower than October’s $159.8 million.
The six casinos in Maryland combined to contribute $66.2 million to the state in November.
If casino gambling continues to slip year after year, it bolsters the argument to legalize Maryland online casinos.
Revenue down 7% compared to 2022 at MGM National Harbor
The Maryland casino market consists of six commercial casinos, but two stand above the rest of the pack: MGM National Harbor and Live! Casino and Hotel. Both recently were named by the American Gaming Association as two of the top five casinos outside of Nevada in revenue.
As to be expected, the top two spots did not change in November. MGM led the way in revenue, while Live! was the only casino to provide any competition.
MGM National Harbor racked up $66.6 million in adjusted gross revenue (AGR) to lead the state. It came from its 2,275 slot machines and 207 table games. Slot machines accounted for $38.5 million, and table games, $28.1 million.
Revenue was down nearly 7% compared to a year ago. MGM also saw a slight month-over-month drop of less than 1%.
Live! Casino and Hotel generated $58 million AGR in November. Its 3,850 slot machines contributed $40.9 million, while the other $17.1 million came from 179 table games.
Live! numbers were actually better in November than in the previous month and a year ago. AGR was 1.6% higher than in November 2022 and a slight $240,740 improvement over October.
Here’s how the other four Maryland casinos fared in November:
- Horseshoe Casino: $14.6 million
- Ocean Downs Casino: $7.1 million
- Hollywood Casino: $6.8 million
- Rocky Gap Casino: $4.6 million
Tax money to state down as well in November
The six casinos in Maryland combined to contribute $66.2 million to the state from its revenue in November.
Compared to November 2022, the $66.2 million paid to the state in taxes last month was a slight dip of 2.3%, about $1.6 million less. It was also $1.1 million lower than October, which saw $67.3 million of taxes paid to Maryland.
MGM led the way with $26.7 million of tax dollars paid to the state in November. Of the total, $21.2 million came from slot machines, while $5.6 million came from table games.
Many of the tax dollars from casinos goes into the Education Trust Fund. It received $47.7 million in November. The remaining $18.5 million of tax dollars is distributed between Maryland’s horse racing industry, businesses owned by minorities and women, small businesses and the communities that house casinos.
Could online casinos be next?
With casino figures down, some lawmakers are looking to add an online casino market to make up the difference.
Maryland state Sen. Ron Watson had previously co-sponsored legislation that would legalize iGaming in The Old Line State, but it did not make it out of the statehouse. Watson told PlayUSA that he is confident a similar bill could be passed by next year.
“I’m very confident that we’ll have something that we can pass by next year. We have plenty of time to work it out. In some cases like this, we may form a summer study group to hammer out the details, but I’m pretty sure we’ll have something next year ready to roll.”
This confidence is backed up by a similar comment made by Rush Street Interactive CEO Richard Schwartz.
“Notably, a prominent legislative member in the state has expressed optimism about the potential for passage of an iGaming bill when the Legislature reconvenes in January. In his remarks, the legislator emphasized the state’s need for new revenue streams and recognized the significance that online casinos could represent as a valuable third leg of the stool, along with existing online sports betting and traditional land-based casino markets.”
