Maryland casinos post $159.8M for October, up 2.9% from the previous month but down on a yearly basis

Maryland's six casinos reported a combined monthly revenue of $159.8 million in October 2023, a decline of $53.1 million (-24.9%) compared to October 2022, which marked a single-month record for the state's gaming industry.

Casino gaming contributions to the state in October 2023 totaled $67.2 million, down by $12.7 million, or 15.9%, compared to October 2022, according to a report by Maryland Lottery and Gaming. Contributions to the Education Trust Fund in October 2023 amounted to $48.5 million, marking a decrease of $9.8 million compared to October 2022.

Here are the gaming revenue totals for October 2023 at Maryland's various casinos:

• MGM National Harbor reported $67,291,529 in October 2023, a decrease of 41.5% compared to October 2022.
• Live! Casino & Hotel generated $57,789,660 in October 2023, showing a 3.1% decrease from October 2022.
• Horseshoe Casino reported $14,872,296 in October 2023, with a 14.7% decrease compared to October 2022.
• Ocean Downs Casino had a revenue of $8,228,940 in October 2023, marking a 2.6% increase from October 2022.
• Hollywood Casino generated $6,710,555 in October 2023, down by 11.0% from October 2022.
• Rocky Gap Casino reported $4,918,785 in revenue in October 2023, showing a 6.2% decrease compared to October 2022.

While down almost 25% from October last year, the latest figures are up 2.9% from September, which marked the lowest monthly total of 2023 for Maryland's casino industry.

MGM National Harbor, which led in adjusted gross revenue (AGR), saw a 7.9% improvement from the previous month. Of its total revenue, $39.2 million of AGR came from slot machines, and the remaining $26.3 million came from table games.

The prospect of legalizing online casinos in Maryland could potentially result in a significant increase in these figures. Several legislative members have recognized the need for new revenue streams and the potential role of online casinos in this endeavor.

"Notably, a prominent legislative member in the state has expressed optimism about the potential for passage of an iGaming bill when the Legislature reconvenes in January," said Rush Street Interactive CEO Richard Schwartz on an earnings call in September