Maryland casinos generated more revenue in the country in 2020 compared to other markets in the US.
Maryland’s Revenue 30% Down but Highest in USA in 2020
According to a report by the American Gaming Association, Maryland casinos generated the highest revenues for 2020. The state gaming industry surpassed many other markets across the US, despite the drop of 30%, compared to 2019.
The state tax revenue also took a hit and decreased by 30%, from $727 million to $507 million in 2020. The Education Trust Fund received $373 million to help support the public education system, and $43 million went to local governments as contributions and grants.
The rest of the money from the tax revenue went to responsible gaming programs, minority or women-owned businesses, and the horse racing industry. This year, Maryland casinos reported record revenue for April. The earnings amounted to $162 million, beating April 2019 figures by 11.6%.
MGM National Harbor among the Highest-Gross Casinos in 2020
Many casinos closed doors during the three months of the pandemic and followed the restrictions of the indoor capacity. According to the report, the casinos lost around 27% of the operating days.
For the past decade, Maryland hasn’t lost casino revenue, like it did last year with six venues, recording $1.2 billion, compared to $1.7 billion in 2019.
The report stated that the highest-gross casinos in 2020, outside of Nevada, are MGM National Harbor and Live! Casino & Hotel. They generated more money in the fall.
The Baltimore-Washington, D.C. gaming market, including Hollywood Casino in West Virginia, was one of the top 3 gaming areas for 2020, behind Las Vegas Strip and Atlantic City.
Maryland Will Soon Launch Sports Betting
Last year, voters approved sports betting in Maryland, and now the state legislature aims to launch sports betting before the NFL season starts. In April, after the Senate and the State General Assembly approved HB940, it was sent to Gov. Larry Hogan for signing.
The newly amended bill limits the number of mobile sports betting licenses to 60 and sets two categories for retail operators: class A for large casinos and class B for bars, restaurants, and smaller amusement facilities.
In March, Maryland companies seeking sports betting licenses attended the Senate Budget & Taxation Committee’s public hearing and turned it into an audition. Minority companies stated that they want more opportunities and more mobile licenses.