Maryland Casinos Report YOY September Growth

An remarkable recovery from their coronavirus shutdown is seen in Maryland casinos. The Maryland Lottery and Gaming Commission estimates that revenue for September rose year on year, increasing to $1.4 million.

After a three-month closure, the state’s six casinos accounted for $143,709,268 in revenue for September from March to June. That beats the 2019 $142,223,137 they made in 2019, a rise of 1 percent.

As per the orders of Republican Governor Larry Hogan of Maryland, the casinos are only authorised to be open at 50 percent capacity. Despite the constraint, four casinos saw earnings increases: Live! Casino & Hotel, Casino Rocky Gap, Ocean Downs Casino and Hollywood Casino.

Just two casinos saw a decline in revenue: MGM National Harbor in the county of Prince George, which dropped $232,999 from the year before, and Horseshoe Casino in the city of Baltimore, which dropped $950,931.

This was Maryland’s first year of year-on-year increases in casino sector sales, with increases last seen in February 2020. However, it was a monthly decline, as August 2020 saw $5.8 million more in sales for the sector.

Of the $143 million, $59.7 million will be raised by Maryland to be placed into different state programmes. $43.4 million of the bounty will be collected by the state’s Education Investment Fund.

Since the casinos can only reopen at 50 percent capacity, not all bars, restaurants and stores are still open. Currently, in August, MGM National Harbor cut 780 jobs, and given that they were one of the casinos to lose money year after year, maybe more cuts are coming.

However, the overall growth is encouraging, especially given the pandemic of Covid-19 appears to be far from over. Although the new case curve in Maryland has flattened to some extent relative to April and May, the state continues to see 400 to 780 new cases every day over the last week. Yet pent-up demand and a lower maximum capacity helped keep casinos humming, despite all the possibility that casino patrons might be at risk of going out.