In the Old Line State, the casino business is humming along as Maryland’s six casinos generated $163.4 million in gaming revenue for November according to one report. The casinos in the state collectively made this mark from slot and games revenues in November, a 1% increase from the prior year period. Moreover, casino gaming contributions in the state totaled $67.7 million, which also represented a 1% year-over-year rise. Per one article, MGM National Harbor was a driving force behind this positive result, a generation of $71.6 million, which was good for a 5.5% annual increase.
In this report, SBS will be going over the latest news from Maryland and also some other thoughts and information about gaming in the Old Line State.
With the MGM National Harbor pacing the pack in November, the Horseshoe Casino was not far behind. The two casinos were the only ones in the state to report an uptick in revenue. The Horseshoe Casino posted $16.3 million in revenue, a 4.25% year-on-year increase according to one report. The other four casinos – Live Casino & Hotel, Ocean Downs Casino, Hollywood Casino, and Rocky Gap Casino, all showed marginal revenue declines. According to the article, most of the gaming contributions made by the six casinos went into the state’s Education Trust Fund ($49.2 million of the $67.7 million generated).
Casino gaming revenue also went to the logistical support of communities and jurisdictions in which the casinos are located. Other beneficiaries are the horseracing industry of Maryland and companies run by majority BME or women-owned owners.
According to one article, the revenues generated by Maryland’s brick-and-mortar casinos only tell part of the story, as Maryland reported a record 16.5 million geolocation transactions over the Thanksgiving weekend. These transaction numbers signal a huge boost in sports betting, which state governor Larry Hogan believes will drive tax revenue for the state’s Education Fund. As readers of this space are aware, Maryland online sports betting launched earlier this month, with Hogan publicly urging for its “accelerated launch.”
The state’s Thanksgiving geolocation data was almost double that of its neighbor Virginia and was four times larger than that of the similarly sized Colorado. As one report alluded to, although it is too early for Maryland to have produced any data on sports betting revenue, these statistics indicate that online betting has been a boon to the state thus far. Moreover, some reports indicate that online betting will add greatly to the state’s gambling revenue and taxes derived from gambling.
Once you are all caught up regarding the latest gaming news in Maryland, make sure to check out the variety of resources that SBS has put together for you to keep you on top. Of course, for even more information related to gaming in the state, the SBS Maryland sports betting guide is exactly what you need to see the latest news pertaining to the state and also a plethora of great gaming information from there. Moreover, if you are someone that is always on the go, then our best betting apps breakdown is exactly the page you need to always stay on top of the action. Finally, if you are looking for even more ways to get the most out of your bets (and who isn’t), then the SBS best bonus betting sites rundown is a must-read. This page contains a handy catalog of the best welcome bonuses available.