Maryland Gaming Market Continues Slump in July
The Maryland Lottery and Gaming has published its July financial report, revealing a decline in the state’s gaming market for the second consecutive month.
Baltimore, Maryland. The state received $72.2m in gaming tax revenue in July. (Source: Styves Exantus, Pexels)
LISTEN TO THIS ARTICLE:The six casinos in the Old Line State collected $169.8 million in gaming revenue from slots and table games in the month, a 2.6% drop from July 2023. Their contributions to the state amounted to $72.2 million, a decline of 1.4% from the previous year.
Maryland allocates revenue from its gaming tax to several key programs, including the Education Trust Fund, its horseracing industry, local communities and small, minority- and women-owned businesses. The Education Trust Fund, which usually receives the largest share, received $52 million in July 2024, a decrease of 1.4% year over year.
Breaking down the performance by individual casinos, MGM National Harbor in Prince George’s County had the highest revenue in the market in June, at $72 million. However, this total marked a decline of 0.2%.
Live! Casino & Hotel in Anne Arundel County, in second place, saw a comparable year-over-year decrease to $62.6 million in revenue. Horseshoe Casino Baltimore achieved third spot with $13.3 million in revenue. However, it saw the largest year-over-year decline at 16.9%.
Ocean Downs Casino’s revenue totaled $9.6 million in the month, a decrease of $460,000 from last July. Hollywood Casino saw a 2.8% decrease to $7.3 million in the month. The last casino on the list, Rocky Gap Casino, suffered a 13.4% year-on-year decline, plunging its revenue to $5 million.
More Finance News
June’s Revenue Down 0.5%
Maryland’s July 2024 gaming industry results align with the trend observed in June. In the month, the state’s casinos generated $162.9 million in revenue, down 0.5 percent year-on-year.
Of the six casinos in the state, only two recorded a year-on-year increase during June, including Live Casino & Hotel with 4.2% to $60.4 million and Hollywood Casino with 8.2% to $7.5 million.
RELATED TOPICS: Finance
Latest News
Responsible Gambling
Parlays, Pressure, and Addiction - The Risks of Modern Sports Betting
Dec 20, 2024Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Maryland Gaming Market Continues Slump in July