New data released by the gaming regulator in Maryland reveals that March was a successful month for casinos in the state.
March Was the Fourth-Best Single Month for Casinos in Maryland
Casinos in Maryland have seen gaming revenue hit $170,565,837 during March this year, according to data released Wednesday by the Maryland Lottery and Gaming Commission. The regulator said that the $170.6 million in gaming revenue marks the “fourth-best single-month figure in the history of the state’s casino program.” However, a year-over-year comparison shows that revenue last month didn’t increase significantly. In fact, when compared to March 2021, the revenue increased by only $1,386,821, or in other words 0.8%.
Last year in March, due to the pandemic, there was a 50% capacity restriction introduced for casinos in Maryland. That restriction was lifted on March 12, 2021, but not for all venues in the state. The Horseshoe Casino and MGM National Harbor’s capacity limits last year in March were raised from 25% to 50%.
The State Collected Nearly $72 Million in Taxes
Currently, the Maryland Lottery and Gaming Commission is responsible for overseeing casino gambling in the state. Moreover, the Commission ensures transparency of the casinos’ operations and provides financial and regulatory guidance. It’s important to mention that the recent results exclude sports betting revenue.
Last month, the contributions to Maryland’s Education Trust Fund (ETF) hit $52.3 million. This marked a 1.4% increase when compared to the same period during 2021. Overall, Maryland has seen a total of $71,970,242 in taxes from casino gaming during March 2022. This marks another 1.4% increase when compared to the same period a year ago. Under the current regulations, casino gambling taxes help fund the state’s horse racing industry, support local communities as well as minority and women-owned businesses.
Four Operators See Their Revenues Increase, Two Report a Decrease
In March 2022, four out of the six casinos in the state have seen an increase in their gaming revenues. Ocean Downs Casino’s gaming revenue in March 2022 hit $7.7 million, up 2.8% when compared to March 2021. Similarly, MGM National Harbor’s revenue increased by 1.9% to $67.8 million in March 2022. On the other hand, Live! Casino and Hotel’s gaming revenue this March hit $62.1 million. This marked a 1.6% increase when compared to the same period in 2021. Rocky Gap Casino’s revenue increased as well. The venue reported a total of $5.6 million in revenue, marking a 1.0% increase when compared to March last year.
In contrast, Horseshoe Casino’s gaming revenue decreased by $903,310 last month when compared to last year. Another decrease was observed in Hollywood Casino’s revenue. The venue’s gaming revenue last month decreased by 2.6% or some $228,737 when compared to March 2021.