Maryland Casinos Experience Revenue Decline in January 2024
Date: 2024-02-07 Author: Dima Zakharov Categories: CASINO
Decrease in Casino Revenue
Maryland's six casinos saw a drop in total revenue to $153.2 million for January 2024, marking an 8.4% decline from the previous year. This decline impacted the state's income.
Performance Overview
Among the casinos, MGM National Harbor, with over 2,000 slots and 200+ gaming tables, led in revenue but still experienced an 8.7% year-on-year decrease. Live! Casino & Hotel reported a slight 2.5% decline, while Horseshoe Casino saw a significant 17.1% drop in revenue.
Contributions to the State
Despite the revenue decline, Maryland's casinos contributed $63.1 million to the state in January 2024, down by 10.6% from the previous year. The bulk of these contributions went to the Education Trust Fund.
Legislative Considerations
Lawmakers in Maryland are contemplating legalizing iGaming to offset revenue losses and create new job opportunities. A proposed bill aims to authorize online gambling platforms to collaborate with casino operators, potentially boosting the state's income and economy.
Future Implications
The outcome of legislative discussions on iGaming could significantly impact Maryland's casino industry and the state's overall financial landscape.
