Based on the latest revenue report issued by the Maryland Lottery and Gaming Control Agency, Maryland casinos experienced a year-on-year revenue decline in the month of October. The state’s gross gaming revenue amounted to $159.8 million, marking a significant 25% decrease when compared to the same period in 2022.
Oct. 2022 set an all-time record for the highest monthly revenue in Maryland’s history, with a handle of $212.9 million. Regardless, the most recent figures reveal a 2.9% increase in revenue from September, which had the lowest monthly handle in the fiscal year at $155 million.
MGM National Harbor emerged as the frontrunner in October, reporting the highest adjusted gross revenue of $67.3 million, marking a 7.9% increase when compared to the previous month. Of this total, $39.2 million was generated from 2,301 MGM slot machines, while the remaining $26.3 million came from the casino’s 207 table games. However, this figure is 41.5% lower than the casino’s remarkable single-month revenue record of $115 million, established in Oct. 2022.
Here’s how other casinos performed in October:
- Live! Casino and Hotel: $57.8 million
- Horseshoe Casino Baltimore: $14.9 million
- Ocean Downs Casino: $8.2 million
- Hollywood Casino: $6.7 million
- Rocky Gap Casino: $4.9 million
As Maryland’s Fiscal Year 2024 began on July 1, the state’s casinos have thus far accumulated $650.6 million in gross gaming revenue. This represents a 10% decrease compared to the revenue generated in Fiscal Year 2023, which amounted to $723 million. Notably, since the inception of gaming activities, the state has collected a cumulative total of $16.5 billion in gross gaming revenue.
Sports Betting Revenue to Increase in October
The Maryland Lottery and Gaming Control Agency has not yet released the sports betting revenue handle for October. However, in September, the Old Line State recorded an impressive handle of $442.5 million, recording a 67.8% increase from the previous month of August.
The surge in revenue during September was largely attributed to the commencement of the new NFL season. With the season in full throttle in October, Maryland anticipates a modest uptick in sports betting revenue. The state offers both online and in-person sports betting options, and the official figures for October will be disclosed later this week.
For the fiscal year to date, Maryland has accumulated a total handle of $953.6 million, with a hold rate of 10.3%. Notably, nearly half of this amount was generated in the eventful month of September. August contributed $263.7 million to the total handle, with $250.4 million coming from mobile betting and $13.4 million from retail locations. In July, the state’s handle reached $247.4 million, with $237.5 million generated through mobile betting and $9.9 million through retail operations.