Maryland Casinos Expertise Finest Month Ever in July, GGR Tops $181M
Maryland casinos proceed to defy dire financial circumstances, experiencing sturdy play on their gaming flooring.
MGM Nationwide Harbor with the nation’s capital within the background. The MGM Resorts on line casino led the best way in Maryland casinos, producing document income throughout July 2022. (Picture: MGM Nationwide Harbor)
In July, gross gaming income (GGR) from the six business properties totaled a bit greater than $181.5 million. That’s, the most effective month-to-month mark within the state gaming business’s historical past.
Marylanders legalized 5 casinos with slot machines by means of a 2008 statewide referendum. Desk video games and a sixth on line casino have been later approved.
July 2022 surpassed the state’s earlier all-time month-to-month GGR mark of $180.1 million, which was set in July 2021.
MGM Nationwide Harbor continues to dominate the state gaming business. Final month, the Oxon Hill built-in on line casino resort gained over $77.2 million from gamblers. The MGM Resorts-operated on line casino’s July 2022 win was an almost 7% year-over-year achieve.
Stay! On line casino & Lodge positioned second with $61.5 million, and Horseshoe Baltimore a distant third at about $18.4 million. However each of these figures represented GGR declines from July 2021.
The state’s three regional casinos — Ocean Downs, Hollywood Perryville, and Rocky Hole — collectively gained roughly $24.3 million. That can be a year-over-year decline for the smaller gaming properties.
Maryland Casinos Thriving
July’s document efficiency was solely a part of the excellent news launched by the Maryland Lottery and Gaming Management Company. The state gaming business capped off its 2022 fiscal yr on June 30, and state officers say GGR for the 12-month span additionally hit a brand new document.
“We had a record-setting Fiscal 12 months 2022, and we’ll be asserting these figures quickly,” stated Maryland Lottery and Gaming Director John Martin.
However for now, we congratulate our on line casino companions on an excellent first month of Fiscal 12 months 2023,” Martin declared. “The casinos are persevering with to develop their leisure choices as they rebound strongly from the pandemic, and their success interprets into funding for faculties, communities, and companies.”
Maryland primarily makes use of its on line casino tax income to help public training. In July, the casinos paid greater than $76 million in taxes, with about $55.3 million allotted to the state Training Belief Fund (ETF).
Whereas July GGR was an all-time excessive, it didn’t equate to document tax era. That’s as a result of slot win barely declined, whereas desk sport win tremendously elevated. Maryland taxes slots considerably greater than tables.
Every desk sport’s income is topic to a flat 20% tax. GGR from slot machines is taxed between 40% to 61% relying on the precise on line casino.
On-line Sports activities Betting Coming Quickly
Maryland gaming regulators are scurrying to get on-line sports activities betting up and operating in time for the beginning of the NFL common season subsequent month. Gov. Larry Hogan (R) in June referred to as on the state’s Sports activities Wagering Utility Overview Fee (SWAR) to expedite its regulatory course of. That’s with a purpose to permit a minimum of the state’s casinos, that are already facilitating in-person sports activities wagering, to take bets on-line.
SWARC responded final month by asserting that it might start issuing on-line sportsbook concessions whereas its “disparity evaluation” is ongoing. The committee says the casinos looking for on-line sports activities playing rights will likely be offered such privileges as soon as its employees reworks the laws to exclude race and gender from SWARC’s licensing standards.
