In November, Maryland’s casino industry contributed significant tax revenue to the state. MGM National Harbor, and Live! were the biggest cash generators.
Maryland’s Casino Industry Bounces Back
Maryland’s six casinos raked in $160.36 million in November betting revenue. This was an increase of 23% over the same month last year when they were operating under restrictions due to the COVID-19 pandemic.
The October revenue figure was $154.98 million, which was lower than the September figure of $165.4 million.
Maryland’s casinos continued to make tens of millions of dollar contributions to the state. The gaming revenue contributed $67.17 million, with the majority going to education through the state’s Education Trust Fund (ETF). The ETF received $48.86 million of the total money sent by the state to it in November. Other beneficiaries of casino-generated cash include the horse racing industry, the communities and jurisdictions in which the casinos are located, as well as small minority- and women-owned companies.
MGM, Live! Lead the Way
In November, Maryland’s two most powerful casinos were MGM National Harbor in Oxon Hill near Washington, DC, and Live! Casino & Hotel in Hanover. These two properties together accounted for nearly 79% of November’s state casino revenue, accounting for $126 million.
MGM National Harbor was the market leader with $67.86 million in revenue. This is 22.7% more than November 2020. Live! Casino & Hotel followed with $58.2 million. The property’s year-on-year improvement was better than that of MGM’s, climbing 29.3%.
The Horseshoe Baltimore was third in November. It is located close to M&T Bank Stadium, where the NFL’s Ravens play. The Horseshoe had revenue of $15.68 million in November, a 2.8% increase over November 2020.
For the rest of the properties, Hollywood Casino Perryville had $7.05 million, an increase of 19.9% over November 2020. Ocean Downs Casino in Worcester County added $6.64 million, a 30.4% jump, and Rocky Gap Casino had $4.94 million. That represents an increase of 29.5% over November 2020.
More Improvements Ahead
In general, the casinos are excited about the introduction of retail gambling. This is expected to happen sometime this month. Five casinos have received preliminary approval for sportsbooks, but there are still regulatory processes to complete. Rocky Gap Casino Resort in Allegany County is the only casino that has not received preliminary approval for sports gambling.
Maryland allows small businesses that are not casino-related to off-track betting parlors and bingo halls to apply for retail sportsbook licenses. Many of these establishments will soon be able to join the sports gambling market. Although online sports gambling is legal in Maryland, it is not expected that internet sports betting will be available until 2022.