Maryland Posts $142M Casino Revenue Despite 50% Capacity
Despite a 50% operational limit due to the coronavirus, Maryland reported $142.7 million in gaming revenue in the month of October.
Combined revenue at Maryland’s six casinos last month was a decrease of around $1.2 million or 0.9%, from October 2019, despite the half capacity limit in 2020. The Old Line State collected $59.9 million in taxes from the industry, $43.6 million of which will reportedly be disbursed to the Maryland Education Trust Fund.
The Four casinos, including Live! Casino & Hotel, Hollywood Casino, Ocean Downs Casino, and Rocky Gap Casino actually saw an increase in their gaming revenues in October 2020 compared to the same month last year. However, MGM National Harbor and Baltimore’s Horseshoe Casino witnessed decreases, bringing down the state revenues last month compared to October 2019.
The six casinos contributed around $59,933,270 to Maryland last month, up by $666,130 (1.1%) from $59,267,140 in October 2019. However, the contributions to the Education Trust Fund dipped by nearly 2% from $44.4 million during October 2019 to $43.5 million during October 2020.
Casinos were forced to shut down in mid-March to limit the spread of the pandemic and reopened in June with a reduced capacity and preventive procedures in place.
Total gaming revenue at MGM National Harbor, which brought in the most money, was around $56.6 million, representing a 5.5% decrease from last year. Gaming revenue at Live! Casino & Hotel was totaled around $49.6 million, up 4.1%. Horseshoe Casino, that came third with $17.3 million last month, representing down 9.5% from October 2019.
Overall, Maryland’s six casinos amassed $142,660,085 in gaming revenue this October, with a 50% capacity limited due to the pandemic-led restrictions. The total represents a drop of mere 0.9% or ($1,235,235) compared to October 2019’s total of $143,895,409.
This October also saw a decrease (-2.0%) in contribution to the Education Trust Fund (EFT) with $43,576,492 compared to the $44,456,366 in during October 2019. Besides the education sector, casino gaming collections also support the communities and the jurisdictions where the casino establishments are located, in addition to the state’s minority and women-owned business.
However, the state of Maryland received an increase of $666,130 or (1.1%) from casinos this October with $59,933,270 compared to the $59,267,140 collected in October 2019.
How Did Maryland Reach These Numbers Despite 50% Capacity?
Despite reduced capacity, the October 2020 gaming revenue reflects a booming activity in Maryland’s gaming industry. The October results were catapulted to a whopping $142.7 million by the Old Line State’s three smaller casinos. Gaming Revenue and Hollywood Casino was up 20%, Ocean Downs Casino gaming revenue grew by 4.2%, and Rocky Gap Casino Gaming revenue reflected a 10.2% increase.
In fact, Maryland’s casino revenue in September 2020 was actually 1% higher than that of September 2019. That was the first month to show that reflected an optimistic gaming revenue since the pandemic struck down the non-essential businesses across the US.
Maryland’s casinos were forced to shut down for the gambler in mid-March and were not fully operational in July, which was the first full month of reopening. Even now, not all on-property bars, retail stores, and restaurants have reopened. The state’s top casino, MGM National Harbor, reduced its workforce by 25% in August.