GAMBLING

Maryland Casinos See November Revenue Slide 3.5 Percent

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Posted on: December 7, 2023, 03:29h. 

Last updated on: December 8, 2023, 06:15h.

Maryland casinos generated gross gaming revenue (GGR) of a little more than $157.7 million in November, a 3.5% year-over-year decline.

Maryland casinos GGR gaming revenue
MGM National Harbor experienced a 7% gaming revenue decline in November 2023. Maryland casinos won $157.7 million during the month, about 3.5% less than November 2022. (Image: MGM National Harbor)

Maryland is home to six commercial casinos, all prohibiting indoor smoking due to state law. The monthly revenue report from the Maryland Lottery and Gaming Control Agency includes gaming income from slot machines and table games.

November’s GGR includes $105.2 million from slots and $52.5 million from tables. Sports betting revenue is reported later this month in a separate filing.

MGM National Harbor outside Washington, DC, is the state leader, and that continued in November with the integrated resort winning about $66.4 million on its casino floor, which is equipped with 2,275 slots and 207 table games. National Harbor’s November GGR represented a nearly 7% decline from November 2022.

The Cordish Companies’ Live! Casino & Hotel Maryland near BWI airport came in second at $58 million from its 3,850 slots and 179 tables. That was a 1.6% premium on the same month in the prior year.

Caesars Entertainment’s Horseshoe Casino Baltimore was a distant third at just $14.6 million. The city casino continues to struggle, as its 1,374 slots and 122 table games won almost 11% less money.

Maryland’s three smaller resort-style casinos won $18.4 million. Ocean Downs in Berlin won $7 million, a 7% increase. Hollywood Casino Perryville was flat at $6.8 million, and Rocky Gap in Flintstone saw GGR slide 6.5% to $4.5 million.

Felt Struggles

Through 11 months, Maryland casinos have won approximately $1.22 billion from slot machines and $594.7 million on table games for a combined haul of $1.817 billion. At this time last year, year-to-date GGR stood at $1.885 billion.

Casinos nationwide continue to report strong gaming activity, with several states, including Nevada, experiencing unprecedented revenue. Las Vegas’ home state has won at least $1 billion in the previous 32 months, and 2023 will mark Nevada’s third consecutive year of record GGR.

Gaming revenue in two states closer to Maryland — Pennsylvania and New Jersey — will also record new records this year. But in the Old Line State, GGR has contracted slightly.

Don’t blame the slots. While slot wins are up 0.5%, or $5.1 million, through 11 months, GGR from table games is down considerably. Tables from January through November won $594.7 million in players’ bets. That’s down 11%, a revenue loss of over $74 million.

Maryland’s revenue reports, unlike those in Nevada, don’t break down revenue by table game or report monthly table game win rates. Therefore, it’s difficult to pinpoint the reason for the year-over-year table losses, but it’s presumably a combination of poorer house win rates and a bit less play overall.

Sportsbooks Offset Losses

Maryland sports betting began in December 2021, but online books didn’t commence operations until December 2022. Betting and sportsbook income has surged since the launch of internet wagering, and that’s offset some of the brick-and-mortar table game losses this year.

Between July 1, 2023, through October 31, Maryland sportsbooks generated GGR of $99.4 million from their retail and online operations. Though that’s higher than the table declines, not all of the sports betting money stays with the casinos, as it’s shared with their third-party partners like DraftKings and FanDuel.

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