Maryland Casino Industry Earned $153 Million in January
The Maryland casino industry had a bad month at the start of 2024. Also, its revenue declined 8.4 percent compared to the same month last year. According to pay per head bookie reports, its total revenue from table games and slot machines was $153 million. It was down $14 million from January 2023.
Contributions to the state decreased by $63,154,392 due to the equivalent drop in gaming income. This data shows a significant drop of 10.6% from last year.
With a decrease of 11.2% from January 2023 levels, the Education Trust Fund—a critical beneficiary of casino gaming revenues—received $45,649,309. These are vital to many different areas, such as minority and women-owned businesses, small enterprises, and the horse racing industry in Maryland.
Earnings from gambling in January 2024 were $ 153.8 million, like those in January 2022. During that period, the state contributed $62.5 million, with $45.5 million going into the Education Trust Fund.
Maryland Casino Industry Revenue in January
Adding weight to the widespread nature of the industry-wide slump, all six privately-owned casinos in Maryland reported falling revenue in January.
MGM National Harbor was the most affected; sales were reduced by 8.7 percent to $66,041,474. With a 17.1% decline, Horseshoe Casino Baltimore brought in $14,570,608. On the other hand, Live! Casino & Hotel had a smaller decline of 2.5 percent, totaling $56,782,092.
Rocky Gap Casino’s 36.6% revenue drop to $3,188,456 is notable among these declines. Further exacerbating the industry-wide downturn, Hollywood Casino and Ocean Downs Casino recorded decreases of 7.5% and 12.9%, respectively.
According to gambling software reviews and news sites, the sector faces issues, and the January 2024 dip highlights them. These challenges might undermine funding vital services and programs that rely on casino income.
It might be a good time for retail casinos to learn how to open an online casino. However, Maryland failed to legalize online betting during the last legislative session.
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