Maryland Casinos Report Over $170 Million in July Revenue

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Maryland’s six casinos have reported a combined revenue of more than $170 million for the month of July, according to the latest figures released by Maryland Lottery and Gaming.

That’s a 6.47% increase on June’s figure, and the third-biggest month of 2023 so far in terms of revenues. However, it is also $7.18 million, or 4%, lower than June 2022’s figure.

Year-on-year comparisons have proved nationally difficult in the casino sector this year, with 2022 setting many records for casino revenues across the U.S.

In fact, June 2022 was the second-best month in the 13 years of legal casino gaming in Maryland (and July 2023 was the best ever). So future years were always going to struggle.

Operator-wise, MGM National Harbor (pictured) was again the most popular casino for Maryland gamblers in July. It pulled in $72.15 million over the month, which is impressive, but still down 6.6% on the booming attendance in July 2022.

All of this activity contributed $52.74 million in taxes to the Maryland Education Trust Fund in July. That’s down 4.6% on last year, and down 24% on July 2023. It also means the total tax paid by Maryland casinos for the year so far has passed $300 million.

Most Casinos Down, MGM On Top

The six casinos in Maryland, which include MGM National Harbor, Live! Casino & Hotel, Horseshoe Casino Baltimore, Ocean Downs Casino, Hollywood Casino Perryville, and Rocky Gap Casino Resort, collectively generated $174.3 million in gaming revenue.

MGM National Harbor led the pack with $62.3 million, followed by Live! Casino & Hotel, which reported $59.3 million.

Both those leading casinos experienced a dip in their monthly revenues, with MGM National Harbor seeing a 7.2% decrease and Live! Casino & Hotel witnessing a 5.1% drop from the previous month.

However, Live Casino! Hotel, in Hanover, was the only Maryland casino operator to post a year-on-year rise, at 1.9% over July 2022.

Rocky Gap Casino, recently bought out by Century Casinos, came bottom of the pack with $5.8 million in revenues, down 6.6% on last year. Century paid $56 million for operating rights to the casino, and Las Vegas’ largest landlord, VICI Properties, paid $203.9 million for the land and building.

Both investors will no doubt hope to improve on that return in future months.

Factors Behind the Slowdown

Several reasons might explain the decline in July’s revenue. Historically, summer months tend to be slower for casinos, as potential visitors often opt for vacations or other outdoor activities.

Additionally, the initial excitement and surge in visitors after the end of pandemic restrictions is stabilizing, so revenues are also falling to a new standard level.

Despite the month-on-month decline, the cumulative revenue for Maryland’s casinos in 2023 stands at a robust $1.24 billion.

The $300 million in total tax bill so far mainly supports education, but it also funds local communities that host casinos. That includes grants for small businesses and other community programs. The state’s traditional horse racing sector also sees some support from the fund.

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