Maryland Casino Revenue Slows in November, Six Properties Win $163.4M
Maryland cassino revenue for the sixer commercial-grade properties slowed inwards November following a record-setting October.
Gross gaming revenue (GGR) in November totaled just now shy of $163.4 million. While that was 1.9% higher — or $3 one thousand thousand to a greater extent — than what the 6 MD casinos won inwards Nov 2021, the drag is a plunge slump from October 2022. Old Line State GGR in October totaled $212.9 million, an all-time monthly richly for the say gaming industry that began in 2010.
Month-over-month, GGR from October to Nov tumbled to a greater extent than 23% — or $49.5 million. October has an additional mean solar day compared with November, and inward 2022, October offered 10 weekend years (Saturdays and Sundays) to only VIII inward November.
When compared with November 2021, only if 2 of the 6 casinos reported year-over-year GGR increases.
MGM National Harbor, the richest casino in the state, experienced a 5.5% gaming revenue mounting to roughly $71.6 million. Horseshoe Baltimore was the other year-over-year victor inwards a surprise execution that saw the city cassino win almost $16.3 meg — a 4.2% premium on November 2021.
Sports Betting Data Comes Later
Maryland voters authorized sports betting through a 2020 ballot referendum that amended the state’s organization to appropriate such gambling.
Retail in the flesh(p) sports betting began at 5 of the half dozen casinos a twelvemonth ago this month. Online sportsbook trading operations began only when late last-place month next a lengthy regulatory process.
Maryland has opted to donjon its monthly sports wagering reports separate from its casino income statistical releases. The $163.4 gazillion inward gaming revenue won lowest month past the casinos is independent of revenue generated by sports bets.
The sportsbook reports typically add up deuce-ace to quaternity days after the casino information is issued.
Over the past times tetrad months, Old Line State retail sportsbooks recognized $105 meg inward sum bets wagered in person. On that handle, oddsmakers won just now shy of $17 trillion on a strong 16% hold.
Maryland’s sports betting market is expected to acquire rapidly with the inclusion of roving wagering. In other states where in-person and online wagering is allowed, New island of Jersey and Pennsylvania being 2 nearby locales with such a regulatory arrangement, the bulk of the litigate is facilitated over the internet.
Marylanders are expected to de jure play as practically as $4 one thousand million a yr through and through retail and online sportsbooks inward the coming years. The higher handgrip should considerably increase monthly GGR from sports gambling.
Horseshoe Ringer
Caesars Entertainment operates the Horseshoe inwards downtown Baltimore nigh the NFL Ravens’ M&T Bank Stadium. The cassino companionship has been disbursal heavily inwards recent years to attempt and improve the .4-mile corridor betwixt the stadium and the casino.
One of the major components of the “Walk & Charles Dudley Warner Street” amusement territory is a new Topgolf facility. The golf game driving reach mixed with booze and grub opened inward belatedly October.
Along with Topgolf, the Warner Street complex before long plans to surface a concert locus called The Paramount, a sports bar called Yards Social Bar, and several retail shops. Caesars says it will regulate whether a hotel is warranted inwards the coming years.
With the Horseshoe growing GGR inwards November by to a greater extent than 4% from a yr ago, Caesars’ play on young attractions surrounding its Baltimore gambling casino is showtime to compensate off.
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