Maryland Casinos Set Revenue Record In MayThe State's Six Casinos Won $172.4 Million As It Is Primed To Become One Of The Country's Most Successful Gambling Markets |
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Maryland casinos had a historic month in May as gaming operators set records for gross gaming revenue.
According to numbers released by the state’s lottery, which oversees the Maryland brick-and-mortar gaming industry, the six commercial casinos reported $172.4 million in revenue. It set a new record for the largest monthly revenue report, topping the previous record set just a couple months ago in March, when casinos won $169.2 million from gamblers.
The year-over-year comparison is not applicable since Maryland casinos were closed in May 2020 in response to the COVID-19 pandemic. Gov. Larry Hogan kept the gaming industry shuttered from mid-March of last year until June 19.
Since the pandemic began, few gambling markets have seen as much success as Maryland. A recent report from the American Gaming Association revealed that Maryland casinos generated some of the highest gambling revenues in the country in 2020.
Last fall, while nearly every regional casino market was begging gamblers to return, Maryland was one of just a couple areas that actually posted year-over-year revenue increases. Its proximity to Atlantic City, which was an area that was hit with some of the harshest restrictions, likely had something to do with this, but can’t be proven.
These numbers have all come before the Ocean State launched its sports betting market, which was legalized through a ballot initiative last November. The initiative only asked the voters whether sports betting should be legal and failed to create a regulatory framework for the industry. Hogan signed a bill a few weeks ago that helped put rules in place for both online and retail sports betting.
The market is expected to be rolled out this fall, which should help propel revenues even higher.
In May, casinos paid $73.4 million in taxes, most of which went to the state’s Education Trust Fund.
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