Maryland Casinos Report a 3.3% Revenue Drop Despite Hitting $1.98 Billion in 2023

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In a recent disclosure of annual revenue, Maryland casinos announced a significant milestone, reaching a total revenue of $1.98 billion in 2023. However, the celebratory mood is dampened by a 3.3% decrease compared to the previous year’s earnings. The collective performance of the state’s six commercial casinos witnessed a decline of approximately $68.5 million, signalling a setback from the stellar revenue recorded in 2022.

Boost in the Final Month

The final month of 2023 saw a notable boost, with prominent Maryland casinos collectively winning $165.5 million. Contributing to this surge were well-known establishments such as MGM National Harbor, Live Casino & Hotel, Horseshoe, Ocean Downs, Hollywood, and Rock Gap. It is essential to clarify that the reported gross gaming revenue (GGR) encompasses earnings solely from slot machine games and table games, excluding sports betting.

Due to a marginal 0.3% improvement in revenue figures compared to the previous year, the Maryland casino industry faced a significant downturn. This marks the conclusion of its post-COVID-19 recovery period, as the financial repercussions from the pandemic required two robust years of resurgence. The slow year for Baltimore’s gaming operations is attributed to these challenging circumstances.

Performances of Maryland’s Casinos

Despite the industry downturn, DC’s MGM National Harbor remained the wealthiest physical gaming hall outside of Las Vegas. With an impressive combined gaming revenue of $834.1 million from slots and table games, MGM’s victory in 2023 is noteworthy. However, the company did experience a nearly 6% annual decrease, primarily attributed to the decline in table games revenue.

Live Casino secured the second position, generating $502.5 million from slots and $207.4 million from table games. The operator achieved a total win of approximately $709.9 million in 2023, reflecting a modest 0.6% gain from the previous year. On the other hand, Horseshoe Casino in Baltimore faced significant challenges, with its GGR falling to $192.4 million—a notable 8% decline compared to the 2022 figures.

Sports Betting Premium Offsets Declines in Casino Revenue

While many Maryland casinos experienced a downturn in 2023, internet sports betting emerged as a compensatory factor. Starting in November, online bookies generated over $264.5 million in total revenue. This new income stream will offset the yearly physical slot and table game revenue decline.

The anticipation now turns toward the release of Maryland Lottery and Gaming Commission data regarding annual revenue from sports betting. Despite potential challenges, the report may not discourage oddsmakers, given the Baltimore Ravens’ impressive winning record in December, which includes victories against top teams like the Jacksonville Jaguars and San Francisco 49ers.

Diversifying into sports betting comes at a crucial time for the industry, offering a promising avenue for revenue growth. As the gambling landscape continues to evolve, Maryland casinos’ adaptability to embracing online platforms reflects a strategic move to navigate the challenges posed by the pandemic and changing consumer preferences.

The financial losses incurred during the COVID-19 pandemic necessitated two years of robust recovery for the Maryland casino industry. While the revenue figures demonstrated a marginal improvement of 0.3% compared to the previous year, the overall downturn in 2023 marked the conclusion of the post-COVID-19 recovery period.

Horseshoe Casino’s significant challenges in 2023 are a microcosm of the broader industry trends. With a notable 8% decline in GGR compared to 2022 figures, it highlights the persistent impact of external factors on individual establishments. The slow year for Baltimore’s gaming operations underscores the continued need for strategic planning and resilience in an ever-changing landscape.

 

Eva Carter has long experience as a content-writer within the casino niche and has published content for several English websites since 2010. At the moment, Carter is our Content Manager and has the responsibility for the publication of content on crypto-casinos.com

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