Maryland’s casino industry reportedly generated total revenue of slightly above $157.7 million in November 2023. As reported by The Southern Maryland Chronicle (SMC), the total revenue generated from slot machines and table games in six casinos in the state reflects a 3.5% decline in comparison to the same month in 2022.
$66.1 Million in Tax Revenue:
According to the source, the 3.5% decline accounted for around $ 5.6 million lower amount to be used for financial contributions to the state through gaming tax and other levies and fees. The SMC reports that the November gaming revenues resulted in the casino industry’s contribution of $66,150,282 to the state funds which stands for a 2.3% – or around $1.5 million – lower figure than the contributions made in November 2022.
As a significant portion of tax revenues is funneled to the Education Trust Fund, the lower gaming revenue level reached in November 2023 will reportedly impact the Fund proportionally. Therefore the tax revenues allocated to the Fund in November 2023 reportedly totaled to $47,727,562 to reflect a decrease of 3.1%, or around $1.5 million less than in the same period in 2022. The source reports that the casino gaming revenue supports educational initiatives and local communities in Maryland, as well as the state horse racing industry and small and minority enterprises. As reported, there are six privately owned casinos across the state presenting a mixed revenue trend in November 2023.
Mixed Revenue Trend Across Six Casinos:
MGM National Harbor reportedly generated $66,641,884 in revenues to record a 6.9% decline from November 2022. Live! Casino & Hotel generated revenue of $58,030,400 to report a 1.6% increase over the prior year’s period. According to the SMC, Horseshoe Casino generated $14,600,437 to experience a 10.7% decline in November 2023 on a year-over-year basis.
Ocean Downs Casino and Hollywood Casino reportedly increased revenues by 7 percent and, respectively, 0.1 percent. Ocean Downs Casino reportedly generated $7,066,674 in gaming revenues while Hollywood Casino generated revenue of $6,818,038 to see a marginal increase over the November 2022 level. Finally, Rocky Gap Casino reportedly experienced a 6.5% decline to generate $4,561,060 in revenues in November 2023.
Significant Support to State Economy:
As the SMC reports, the mixed revenue trend of Maryland’s casinos indicates the dynamics of the casino industry and its impact of the industry on the state’s economy. The different results reported by the six casinos across the state are dependent on a series of factors, with casino differently responding to contingencies or other conditions impacting their operations. However, the contribution of the casino industry to the state has arrived at predictable levels. Gaming revenues of around $157.7 million generated in November 2023 by Maryland’s casinos will continue to provide a significant support to the state economy.