Maryland Casinos Experience Best Month Ever in July, Gaming Revenue Tops $181.5M
Posted on: August 8, 2022, 10:35h.
Last updated on: August 8, 2022, 11:18h.
Maryland casinos continue to defy dire economic circumstances, experiencing robust play on their gaming floors.
In July, gross gaming revenue (GGR) from the six commercial properties totaled a little more than $181.5 million. That’s, the best monthly mark in the state gaming industry’s history.
Marylanders legalized five casinos with slot machines through a 2008 statewide referendum. Table games and a sixth casino were later authorized.
July 2022 surpassed the state’s previous all-time monthly GGR mark of $180.1 million, which was set in July 2021.
MGM National Harbor continues to dominate the state gaming industry. Last month, the Oxon Hill integrated casino resort won over $77.2 million from gamblers. The MGM Resorts-operated casino’s July 2022 win was a nearly 7% year-over-year gain.
Live! Casino & Hotel placed second with $61.5 million, and Horseshoe Baltimore a distant third at about $18.4 million. But both of those figures represented GGR declines from July 2021.
The state’s three regional casinos — Ocean Downs, Hollywood Perryville, and Rocky Gap — collectively won approximately $24.3 million. That is also a year-over-year decline for the smaller gaming properties.
Maryland Casinos Thriving
July’s record performance was only part of the good news released by the Maryland Lottery and Gaming Control Agency. The state gaming industry capped off its 2022 fiscal year on June 30, and state officials say GGR for the 12-month span also hit a new record.
“We had a record-setting Fiscal Year 2022, and we’ll be announcing those figures soon,” said Maryland Lottery and Gaming Director John Martin.
But for now, we congratulate our casino partners on a great first month of Fiscal Year 2023,” Martin declared. “The casinos are continuing to expand their entertainment options as they rebound strongly from the pandemic, and their success translates into funding for schools, communities, and businesses.”
Maryland primarily uses its casino tax revenue to support public education. In July, the casinos paid more than $76 million in taxes, with about $55.3 million allocated to the state Education Trust Fund (ETF).
While July GGR was an all-time high, it didn’t equate to record tax generation. That’s because slot win slightly declined, while table game win greatly increased. Maryland taxes slots significantly higher than tables.
Each table game’s revenue is subject to a flat 20% tax. GGR from slot machines is taxed between 40% to 61% depending on the specific casino.
Online Sports Betting Coming Soon
Maryland gaming regulators are scurrying to get online sports betting up and running in time for the start of the NFL regular season next month. Gov. Larry Hogan (R) in June called on the state’s Sports Wagering Application Review Commission (SWAR) to expedite its regulatory process. That’s in order to allow at least the state’s casinos, which are already facilitating in-person sports wagering, to take bets online.
SWARC responded last month by announcing that it would begin issuing online sportsbook concessions while its “disparity analysis” is ongoing. The committee says the casinos seeking online sports gambling rights will be provided such privileges once its staff reworks the regulations to exclude race and gender from SWARC’s licensing criteria.
Related News Articles
Related News Articles
September 15, 2023 — 14 Comments—
September 15, 2023 — 6 Comments—
September 11, 2023 — 6 Comments—
September 21, 2023 — 5 Comments—
September 8, 2023 — 4 Comments—