Maryland Casinos Experience Mixed Revenue Results in November 2023
Maryland’s six casinos witnessed varying fortunes in November 2023, as combined revenues from slot machines and table games reached $157.7 million.
This figure represents a 3.5% decrease from November 2022, shedding light on the fluctuating dynamics of the casino industry in the state.
State Contributions and Education Trust Fund
Despite the overall dip in revenue, Maryland casinos contributed over $66 million to the state in November 2023, which is a 2.3% decrease compared to the previous year.
More significantly, the casinos’ contributions to the Education Trust Fund amounted to nearly $47.7 million, marking a 3.1% decrease from November 2022.
These figures underscore the vital role casino gaming revenues play in supporting educational initiatives, local communities, Maryland’s horse racing industry, and small, minority- and women-owned businesses.
Individual Casino Performances
The revenue trends varied significantly across the six privately owned casinos in Maryland:
- MGM National Harbor (2,275 slot machines, 207 table games): Faced a 6.9% revenue decrease to $66.6 million.
- Live! Casino & Hotel (3,850 slot machines, 179 table games): Saw a revenue increase of 1.6% to $58 million.
- Horseshoe Casino (1,374 slot machines, 122 table games): Experienced a significant 10.6% revenue decrease to $14.6 million.
- Ocean Downs Casino (844 slot machines, 19 table games): Enjoyed a 7.0% increase in revenue to $7 million.
- Hollywood Casino (696 slot machines, 22 table games): Reported a marginal 0.1% increase in revenue to $6.8 million.
- Rocky Gap Casino (623 slot machines, 16 table games): Witnessed a 6.5% decrease in revenue to $4.5 million.
Our Comment on the Article
The November 2023 revenue figures for Maryland’s casinos paint a complex picture of the state’s gaming industry. While overall revenue has declined, the nuanced performances of individual casinos highlight the diverse challenges and opportunities within the market.
The slight increase at venues like Live! Casino & Hotel and Ocean Downs Casino contrasts sharply with significant drops at others, like MGM National Harbor and Horseshoe Casino.
These fluctuations could be attributed to various factors, including changes in consumer behavior, competition, and regional economic conditions. Importantly, despite the revenue dip, the casinos continue to make substantial contributions to state funds and the Education Trust Fund, emphasizing their crucial role in Maryland’s economic and social fabric.
Moving forward, it will be interesting to see how these establishments adapt to the changing landscape to maintain their pivotal role in the state’s economy.
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