Maryland Casinos Set Monthly Revenue Record, October Win Totals Nearly $213M
Posted on: November 8, 2022, 12:58h.
Last updated on: November 8, 2022, 04:32h.
Maryland casinos won $212.9 million in October, the all-time highest amount generated by the properties in a single month.
The Maryland Lottery and Gaming Control Commission reported that October’s gross gaming revenue (GGR) from the six casinos was just shy of $213 million. The haul easily surpassed the state gaming industry’s previous monthly record of $181.5 million, set in July 2022 by more than 17% — or about $31.4 million.
MGM National Harbor was most responsible for the exceptional play. MGM Resorts’ casino just outside Washington DC, across the Potomac River in Oxon Hill, won a record $115 million.
The $59 million year-over-year surge for the integrated resort primarily came by way of table games. The house won just shy of $73.2 million last month on the felt. In October 2021, MGM National Harbor tables won just $14.5 million.
The return of conventions, concerts, and events was credited for the increased number of players at the resort and the revenue boost. MGM National Harbor began posting job listings and holding hiring events for table game dealers in mid-October due to the demand.
MGM slot revenue was flat year-over-year. The additional revenue stemmed from sports betting, which commenced at National Harbor in December 2021.
Mixed Results Elsewhere
MGM National Harbor is fresh off its best month ever. But the headline-generating October gaming revenue report detailed some revenue rollbacks for other casinos.
Live! Casino & Hotel Maryland placed a distant second in total GGR at $59.6 million. That’s 1.9% lower than in October 2021, when the Hanover casino won $60.8 million.
Two of the three resort-style casinos in Maryland are smaller venues with less than 1,000 slot machines, and 20 table games that also experienced year-over-year drop-offs.
Rocky Gap Casino in Flintstone reported a GGR decline of 9.5% to $5.2 million. Hollywood Casino Perryville said its casino win went south 1.3% to $7.5 million.
Ocean Downs Casino in Berlin, the other resort casino, saw gaming climb almost 5% to $8 million. Horseshoe Casino Baltimore also reported a rare gain, as its gaming floor won $17.4 million from gamblers, 1.5% more than the casino did a year ago.
Tax Benefit Skyrockets
Maryland primarily uses its casino tax proceeds to fund public education.
Of the record $832.3 million in casino revenue directed to the state during its 2022 fiscal year (June 1, 2021, through June 30, 2022), an all-time high of $611.6 million went to the Maryland Education Trust Fund (ETF). The fund supports early childhood education, public elementary and secondary education, public school construction, and capital improvement projects.
With casino gaming setting a new monthly revenue record in October 2022, the month additionally generated record tax revenue. Casino gaming contributions to the state last month totaled $79.9 million. That’s $11 million more than October 2021.
More gaming should equate to more gaming tax dollars. And that’s what lawmakers expect when online sports betting begins in the coming weeks. After a lengthy regulatory delay, Maryland hopes to have regulated online sportsbooks up and running in December.
The six casinos and their online sportsbook partners have already been deemed suitable for licensure by the MLGCC. Their licenses are expected to be issued by the Maryland Sports Wagering Application Review Commission when it next meets on Nov. 21.
MGM National Harbor has partnered with BetMGM, Live! has partnered with FanDuel, and Horseshoe has partnered with Caesars Sportsbook.
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