Maryland Casino Revenue Slows in November, Six Properties Win $163.4M

Maryland casino revenue for the six commercial properties slowed in November following a record-setting October.

Maryland casino revenue GGR Horseshoe Baltimore
Maryland casino revenue GGR Horseshoe Baltimore
Topgolf recently opened adjacent to the Horseshoe Casino Baltimore and likely helped the casino experience higher gaming revenue in November 2022. Total Maryland casino revenue climbed almost 2% higher from November 2021. (Image: Topgolf)

Gross gaming revenue (GGR) in November totaled just shy of $163.4 million. While that was 1.9% higher — or $3 million more — than what the six Maryland casinos won in November 2021, the haul is a steep decline from October 2022. Maryland GGR in October totaled $212.9 million, an all-time monthly high for the state gaming industry that began in 2010.

Month-over-month, GGR from October to November tumbled more than 23% — or $49.5 million. October has an additional day compared with November, and in 2022, October offered 10 weekend days (Saturdays and Sundays) to only eight in November.

When compared with November 2021, only two of the six casinos reported year-over-year GGR increases.

MGM National Harbor, the richest casino in the state, experienced a 5.5% gaming revenue climb to approximately $71.6 million. Horseshoe Baltimore was the other year-over-year winner in a surprise performance that saw the city casino win about $16.3 million — 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 constitution to allow such gambling.

Retail in-person sports betting began at five of the six casinos a year ago this month. Online sportsbook operations began only late last month following a lengthy regulatory process.

Maryland has opted to keep its monthly sports wagering reports separate from its casino income statistical releases. The $163.4 million in gaming revenue won last month by the casinos is independent of revenue generated by sports bets.

The sportsbook reports typically come three to four days after the casino data is issued.

Over the past four months, Maryland retail sportsbooks accepted $105 million in total bets wagered in person. On that handle, oddsmakers won just shy of $17 million on a strong 16% hold.

Maryland’s sports betting market is expected to grow rapidly with the inclusion of mobile wagering. In other states where in-person and online wagering is allowed — New Jersey and Pennsylvania being two nearby locales with such a regulatory arrangement — the bulk of the action is facilitated over the internet.

Marylanders are expected to legally bet as much as $4 billion a year through retail and online sportsbooks in the coming years. The higher handle should considerably increase monthly GGR from sports gambling.

Horseshoe Ringer

Caesars Entertainment operates the Horseshoe in downtown Baltimore near the NFL Ravens’ M&T Bank Stadium. The casino company has been spending heavily in recent years to try and improve the .4-mile corridor between the stadium and the casino.

One of the major components of the “Walk & Warner Street” entertainment district is a new Topgolf facility. The golf driving range mixed with booze and grub opened in late October.

Along with Topgolf, the Warner Street complex soon plans to open a concert venue called The Paramount, a sports bar called Yards Social Bar, and several retail shops. Caesars says it will determine whether a hotel is warranted in the coming years.

With the Horseshoe growing GGR in November by more than 4% from a year ago, Caesars’ bet on new attractions surrounding its Baltimore casino is beginning to pay off.

The post Maryland Casino Revenue Slows in November, Six Properties Win $163.4M appeared first on Casino.org.

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