November was a pretty good month for Maryland casinos, as they managed to generate a hefty $160 million in revenue - a 23% YoY increase. The information comes from a report published by the Maryland Lottery and Gaming Control Commission, which releases quarterly earning reports for casinos in the state.
Maryland currently houses six licensed casinos. Out of the $160 million they collectively accumulated in revenue, $67 million were contributed to the government through taxes, representing a $13.5 million increase compared to November of last year.
Two casinos were responsible for the majority of revenue: The MGM National Harbor in Oxon Hill and Live! Casino & Hotel in Hanover. They accounted for 79% ($126 million) of the total earnings; the casinos saw an uptick of around 23% and 29% in revenue compared to November 2020, respectively.
The other four casinos didn’t do too badly either. Here’s the revenue rundown for them:
- Horseshoe Casino - $15.7 million, 3% YoY increase
- Hollywood Casino - $7 million, 20% YoY increase
- Ocean Downs Casino - $6.6 million, 30% YoY increase
- Rocky Gap Casino - $4.9 million, 30% YoY increase
This sizeable increase in tax revenue stemming from casino operations will primarily go towards the Maryland Education Trust Fund. This trust fund is the largest beneficiary of the accumulated tax revenue, receiving $49 million in November alone.
Casinos were legalized in Maryland in a 2012 referendum. The substantial tax revenue gathered by taxing casinos shows that this was probably the right call. Therefore, it comes as no surprise that Maryland’s Sports Wagering Application Review Commission (SWARC) approved five casinos for sports wagering on November 18, 2021.
Only one out of six Maryland casinos, the Rocky Gap Casino, has yet to receive a sports-betting license. Retail sports betting in the state is expected to go live on December 10.
