Maryland casino revenue falls 27% for fiscal 2020

Maryland casino revenue falls 27% for fiscal 2020

The COVID-19 pandemic closures of Maryland’s six casinos cost casino owners and the state of Maryland millions of dollars.

For Maryland’s just-ended fiscal year 2020, total casino gaming revenue was $1.28 billion, down 27.3% from fiscal 2019.

As a result, casino contributions to Maryland state coffers totaled $529.1 million, down 26.9% from fiscal 2019. The largest share of casino contributions to the state goes to its Education Trust Fund, which received $396.8 million for fiscal 2020, down 26.9%.

Maryland casinos closed in mid-March and remained closed until the second half of June, with no gaming revenue at all for the months of April and May.

MGM National Harbor reopened to invited guests on June 26, and to the general public on June 29, and was busy for the five short June days it was operating, generating just over $8 million in gaming revenue.

Live! Casino & Hotel reopened earlier: to invited guests from June 19 to June 28 and to the public on June 29. It generated $15.9 million in June gaming revenue as a result.

Horseshoe Casino in Baltimore reopened to invite guests on June 26 and to the public on June 28, generating $2.6 million in June gaming revenue.

Maryland’s three other casinos, Hollywood Casino, Ocean Downs Casino and Rocky Gap Casino, opened to the general public earlier, on June 19. Combined, the three smaller casinos generated $8.6 million in June gaming revenue.

Of the $34.9 million in June gaming revenue from all six casinos, $14.6 million went to Maryland.

Even with an expected full operating schedule for casinos for the remainder of 2020, gaming revenue will likely be held back by gambler capacity restrictions on casino floors because of pandemic-related social distancing requirements.

Casino News Casino News 08 July 2022
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