Positive November for Maryland Gambling Market
Six casinos in the state of Maryland were responsible for generating a combined $163.4 million in revenue during November - an encouraging one percent increase year-on-year.
The brick-and-mortar casino landscape in Maryland paints an interesting picture, with this being the only mode of gambling currently allowed in the state, with online casinos still deemed to be illegal. Mobile sports betting, meanwhile, launched last month.
Without a doubt, certain factors can be attributed to a positive performance in the market, not least the Thanksgiving holiday period, which would have attracted a number of tourists to the various venues around the state.
MGM Reporting Strong Maryland Performance
Easily the most eye-opening figure was that reported by the MGM National Harbour resort, which was somewhat of a catalyst for the state’s land-based financial performance throughout the month.
Certainly considered to be the flagship land-based casino in the state and, as a result, helped by the strength of its brand, this understandably helps to attract the ‘Lion’s share’ of the market.
Posting a staggering $71.6 million in revenue for November, illustrating a 5.5 percent year-on-year increase, this undoubtedly reflects how robust the market has become over the last 12 months as the state continues to recover from the financial effects caused by the global pandemic.
While any whisperings of the state passing online gambling laws any time soon are mere speculation, at least in the foreseeable future, the brand is in a great position to leverage any online offering via its Maryland venue.
Another driving force of the Maryland brick-and-mortar market is the Horseshoe Casino, which reported a still respectable $16.3 million in revenue - a 4.2 percent uptick year-on-year.
Online Casino to Be Regulated Legal Any Time Soon?
Although technically, residents in Maryland can gamble online at offshore sites, the industry is still not regulated within the state. What has become common over the last couple of years is for residents to hop over state lines to neighboring Virginia to partake in online gambling activity.
Undoubtedly, there is clearly a demand for gambling in Maryland, as indicated by the increase in revenue figures over the last year, which could pave the way for an online gambling bill to be passed.
The benefits are obvious from a taxation point for the state, and the likes of MGM Resorts International have the relevant infrastructure in place to expand its Bet MGM brand immediately to include its online casino product via a partnership with its National Harbour resort.
Certainly, 2023 will be an intriguing year for the unfolding landscape in Maryland, while state legislates will no doubt be monitoring this closely.