Maryland casinos generate $174.3M in July revenue, down by 4% from 2022
Maryland's retail casino industry posted total revenue of $174.3 million for the month of July, combining earnings from both slot machines and table games. This figure indicates an increase of over $10 million compared to the previous month of June. However, revenue was down by 4% from the record-breaking month of July 2022.
During July 2022, Maryland casinos achieved their second-highest monthly revenue in the industry's 13-year history, amassing a total of $181.5 million. This impressive feat, which at the time was record-setting, was later surpassed in October of the same year. Although the revenue for July 2023 did not quite match the prior year's exceptional performance, it remained close.
Out of the total revenue, more than $73 million was contributed to the state in the form of tax revenue, while $52.7 million was allocated to the Education Trust Fund. These contributions have propelled the cumulative contributions to the fund for the year 2023 to exceed $360 million.
Among the state's six casinos, MGM National Harbor stood out as the top revenue generator, amassing $72.2 million in earnings. However, this number reflects a decrease of slightly over $5 million compared to the previous year.
Claiming the second position in revenue was Live! Casino & Hotel, reporting a total revenue of $62.7 million for the month. Notably, Live! Casino was the sole establishment to observe a year-on-year revenue increase for July 2023, with a rise of approximately $1.2 million, or 1.9%.
The performance of the other Maryland casinos during July 2023 is as follows:
Despite falling short of the July 2022 record, the cumulative performance of Maryland casinos in 2023 remains slightly ahead of the previous year. From January through July, the combined revenue of the six casinos reached $1.183 billion. In comparison, the casinos were at $1.181 billion during the same period in 2022.
As the new fiscal year commences in July, Maryland casinos will need to strategize to match the performance of the previous fiscal year. The upcoming influx of patrons attending poker tournaments at Maryland casinos could potentially contribute to this effort.
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