Maryland Gaming Revenues Surge in November

Last month’s report of Maryland casinos’ upward trend for gross income has been confirmed with recently unveiled figures for November. The past month marks a historic point for this state’s gaming sector as the revenue generated reached record levels.

After a steady rise that was closely monitored for several months, September’s GGR of $143.8 million (a 6.9% jump year-on-year) has been topped with $158 million in November – that’s 7.3% higher than same month last year.

Top Earners Stay the Same

Looking at the revenue breakdown per MGM National Harbor is yet to be dethroned…

…After contributing to September’s figures with $54.4 million in revenue – far more than closest competitors – the venue that opened in December 2016 has come out on top yet again with 41% of all GGR in November ed for. That’s $57.3 in pure earnings, or 13.2% more than last year.

Coming behind as a runner-up is Live! Casino & Hotel at Arundel Mills that had an exceptional month with $48.7 million earned, rising from last year’s revenue by 12%.

Another casino that made a significant improvement over last year is Ocean Downs Casino who made $5.2 million in November – a colossal 34.3% increase over 2017!

You Gain Some, You Lose Some

However, there were also those who recorded certain losses…

The three casinos out of total six in Maryland posted negative year-on-year results. One of them is Baltimore’s Horseshoe Casino who raked in $19.5 million in gaming revenue, a slump of 14% from a year ago.

Hollywood Casino Perryville had made $5.4 million, effectively plummeting by 5.9 percent. Another casino that will hope for a better December is Rocky Gap Resort whose four million in revenue means they were down 2.7% annually.

Question of Funding

In October, Maryland voters were asked to decide on the Maryland Question 1 that is, essentially, a funding bill that should dedicate already existing video lotteries tax revenue to supplementary funding the educational programmes.

This simply relocates the tax money – already gathered from taxing casinos, no new taxes are introduced – from general fund to the one dedicated to funding education.

Numerous other states such as Florida were also inviting their voters to cast their preference on Mid-Term Election Day and decide on issues such as authorization of new casinos or gambling in general, legalization of video terminals and bans on organizations advertising bingo games.

Source:

“Maryland casino revenues increase”, Niji Ng, europeangaming.eu, December 10, 2018.