Posted on: September 10, 2023, 11:09h.Â
Final up to date on: September 10, 2023, 11:09h.
Maryland on line casino income final month dropped practically 5% year-over-year to simply shy of $161.4 million.
The Maryland Lottery and Gaming Management Company reviews that the state’s six casinos gained $161.39 million from their slot machines and desk video games throughout August 2023. That’s down 4.7% — or about $8 million — from August 2022. Final month additionally represented a greater than 7% decline from July 2023 when the casinos gained $174.3 million.
MGM Nationwide Harbor nonetheless dominated the state gaming market with gross gaming income (GGR) of $68.4 million, although that represented a 4.8% year-over-year drop. Reside! On line casino Resort Maryland positioned a distant second at $55 million — a 3.1% decline from August 2022.
Horseshoe On line casino Baltimore’s woes continued final month, because the Caesars-operated property gained simply $15.4 million — an almost 11% plunge from the earlier August.
Ocean Downs, Hollywood Perryville, and Rocky Hole, Maryland’s three smaller resort-style casinos, mixed to win about $22.5 million. That’s $1 million much less, or a 4.3% decline, from August 2022 when these three casinos gained $23.5 million.
August marked the second month in a row the place GGR declined year-over-year. July 2022 was a troublesome comparable, nonetheless, because the $181.5 million gained by the casinos represented the second-best month within the 13-year historical past of Maryland’s business gaming trade.
Gaming Breakdown
It’s troublesome to pinpoint why gaming revenue went south for Maryland casinos final month.
In contrast to some states similar to Nevada which breaks down income by sport in its month-to-month income reviews, Maryland’s monetary filings don’t. The Maryland Lottery and Gaming Management Company as a substitute solely specifies GGR by slots and tables.
In August, slots gained $109.1 million from gamblers, which represented a 3% drop — or $35.2 million — from August 2022. Desk video games stored $52.3 million of the wagers, which was down 8% from August 2022 when the felt gained greater than $56.7 million.
Since Maryland doesn’t pinpoint win charges for desk video games and slot terminals, it’s unclear if the income declines are due to poorer holds for the home or if gamblers merely wagered much less. However Maryland casinos successful much less cash in July than they did in July 2022 wasn’t distinctive to the Previous Line State.
Gaming income in close by Atlantic Metropolis additionally went south in July, as New Jersey casinos reported a brick-and-mortar GGR slide of three%. The 9 casinos in Atlantic Metropolis gained about $290 million on their bodily flooring — $9 million lower than July 2022. New Jersey hasn’t but launched its August numbers.
July brick-and-mortar gaming income in Pennsylvania was additionally down. GGR within the Keystone State fell about 1% to roughly $298 million.
iGaming Evaluate
Maryland’s gaming regulators final month, on the request of the state legislature, commissioned an iGaming examine to find out what kind of tax advantages the state may obtain ought to it enable on-line casinos.
The Innovation Group, a Denver-based gaming consultancy, is compiling the information. The overview is a part of an effort by state lawmakers in Annapolis who assist on-line gaming to win over extra Normal Assemblypersons.
State Sens. Ron Watson (D-Prince George) and Nancy King (D-Montgomery) in January launched laws searching for to provoke a statewide poll referendum asking Marylanders in the event that they wished to amend the Maryland Structure to incorporate iGaming. However the statute — Senate Invoice 267 — stalled within the Senate Funds and Taxation Committee.