Maryland casinos generated gross gaming revenue (GGR) of $159.8 million last month, a nearly 25% drop from October 2022.
A roulette table at MGM National Harbor in Oxon Hill, Md. Maryland casinos saw their gaming wins drop significantly in October 2023 compared with October 2022. (Image: AP)Last October was a record month for the state gaming industry, as the six commercial casinos won nearly $213 million on unusually high volume. October 2022 in terms of monthly gaming revenue.
The industry came back to reality last month. It wasn t entirely unexpected, as October 2023 had only eight weekend days compared to 10 Saturdays and Sundays in October 2022.
The state s tax share naturally decreased on the reduced GGR. Contributions to the Education Trust Fund totaled about $48.5 million, a year-over-year decrease of $9.8 million. About $18.7 million in casino contributions went to the horsemen and small, minority-, and women-owned businesses.
October represented a 3% increase from September when the casinos won $155.1 million. September has 30 days compared to 31 in October.
MGM Leads LossesMGM National Harbor outside DC remained the top casino in terms of gaming revenue, with approximately $67.3 million. But that represented a 41.5% plunge, or $47.7 million, from October 2022, when the integrated resort won an all-time high of $115 million. MGM National Harbor offers 2,301 slot machines and 207 table games.
Live! Casino Hotel Maryland was second at $57.8 million, down about 3%, or $1.8 million, from a year ago. The property boasts 3,890 slots and 179 tables.
Caesars Entertainment s Horseshoe Casino Baltimore continued its struggles, as the city casino won just $14.9 million. Horseshoe s October win represented a 15% year-over-year decline. Caesars surrounding its Horseshoe to create a safer, more appealing tourism district. So far, the big bet hasn t delivered returns on its casino floor.
Maryland s three resort-style casinos, Ocean Downs in Berlin, Hollywood Casino Perryville, and Rocky Gap, combined to win about $19.8 million.
The October gaming report includes revenue from only . The Maryland State Lottery Gaming Control Agency reports separately.
Sports wagering numbers will be reported later this week. Maryland is home to both . Oddsmakers are averaging about $20 million a month in gross income.
Gaming CooldownMaryland s 2024 fiscal year began on July 1, and through four months, the casinos have seen a cooling in play and subsequent win. State gaming revenue from July through October totaled $650.6 million. That s a 10% drop from fiscal year 2023, when the casinos won over $723 million during the four-month period.
Economic pressures, primarily inflation and reduced consumer purchasing power are likely to blame, as many Americans are tightening their belts and reducing entertainment and leisure spending. The nation s unemployment rate has climbed from 3.5% in July to 3.9% last month.
The US Labor Department s Consumer Price Index (CPI) rose 0.6% in August and 0.4% in September. The CPI measures the average change over time in the prices consumers pay for basic goods and services. The index is up 3.7% from a year ago.
