The Maryland Lottery and Gaming Control Agency have published the financial results for the gambling sector in Maryland for the month of September.
3.7% Year-On-Year Decrease in Revenue in September for Maryland Casinos
In September, the overall gaming revenue coming from the six casinos in the state of Maryland suffered a decrease of 3.7% as the casinos reported winnings of $159.3 million.
Despite being the leading contributor to gaming revenue in the state in September with $63.8 million, the largest Maryland casino, MGM National Harbor, experienced a decrease of 8.2% in comparison to September last year.
The second-largest casino in the state followed a similar pattern. For September the Horseshoe Casino in Baltimore reported winnings of $17.3 million, which marked a decrease of 1.6% when compared to the same period in 2021.
The only two Maryland casinos that enjoyed better year-on-year results in September were Ocean Downs and Live! Casino & Hotel. Although quite modest, Live! reported winnings of $56.8 million, which were 0.6% higher than its revenue reported for September 2021.
Similar to the two largest casinos, Hollywood Casino and the Rocky Gap Casino also reported year-on-year decreases in their revenues for September.
It must be noted that out of the total revenue amount from gambling the state of Maryland has received $68 million. The funds will be used for the benefit of various state programs with education getting the biggest portion. The main beneficiary of profits coming from gambling revenues in the state is the Education Trust Fund.
September Results Disappoint After Successful FY2022
The lower results for September are in stark contrast with the record-breaking results for the fiscal year 2022 covering the period from July 1, 2021, to June 30, 2022.
The yearly results from the gambling operations of the six Maryland casinos were 14.7% higher than the fiscal year 2021 spanning from July 1, 2020, to June 30, 2021. The yearly revenue saw growth from $1.75 billion in FY2021 to an impressive $2 billion in FY2022.
As a result, the state coffers were filled up by record revenue of $1.5 billion for the whole fiscal year. The funds were allocated to healthcare and education for the most part. However, some financing also supported small businesses run by women and initiatives promoting and ensuring responsible gambling.
Retail sports betting, which was launched in Maryland in December 2021 did not cover the whole fiscal year 2022, however, it still managed to contribute $2.9 million to state programs.
Following long delays, the mobile sports betting market in Maryland is finally expected to be launched in December this year. The Sports Wagering Application Review Commission (SWARC) is going to start granting licenses to mobile sports wagering operators in the state on a rolling basis from November.