Maryland’s casino industry encountered a notable downturn in January 2024, as revenues from the state’s six casinos plummeted by 8.4% compared to the corresponding period last year.
Official records indicate that the total revenue generated from both slot machines and table games amounted to $153,243,316, marking a decrease of $14,027,082 from January 2023.
This decline in gaming revenue correspondingly resulted in diminished contributions to the state, totaling $63,154,392. This figure reflects a substantial decrease of 10.6% from the previous year.
Notably, the Education Trust Fund, a vital recipient of casino gaming revenues, received $45,649,309, experiencing an 11.2% decline from January 2023. These funds play a crucial role in supporting various sectors, including local communities, Maryland’s horse racing industry, and small, minority- and women-owned businesses.
Comparatively, the revenue figures for January 2024 closely resembled those of January 2022, when gaming revenues reached $153.8 million. Contributions to the state during that period totaled $62.5 million, inclusive of $45.5 million directed towards the Education Trust Fund.
Each of Maryland’s six privately owned casinos reported declines in their January revenue, further highlighting the breadth of the industry’s downturn. MGM National Harbor experienced the largest decline, with revenues dropping by 8.7% to $66,041,474. Horseshoe Casino Baltimore observed a 17.1% decrease, generating $14,570,608. In contrast, Live! Casino & Hotel recorded a more modest reduction of 2.5%, amounting to $56,782,092.
Of particular note is the 36.6% decline observed at Rocky Gap Casino, where revenue plummeted to $3,188,456. Additionally, Hollywood Casino and Ocean Downs Casino reported declines of 7.5% and 12.9%, respectively, further accentuating the industry-wide downturn.
The January 2024 downturn underscores the challenges confronting the sector, which could potentially impact funding for critical services and initiatives supported by casino revenue.
Original article: https://www.yogonet.com/international/noticias/2024/02/08/70753-maryland-39s-casino-post-1532m-in-january-down-by-84-from-2023
