Maryland Casino Revenues Decline by $4.5 Million in July Compared to Last Year
Maryland’s casino industry experienced a significant decline in revenue during the month of July, with total earnings dropping by $4.5 million compared to the same period last year. According to data released by Casinos.com, the state’s six casinos collectively generated $142.2 million in revenue in July 2021, compared to $146.7 million in July 2020.
The largest decline was seen at MGM National Harbor, the state’s largest casino, which reported a 7.5% decrease in revenue compared to July 2020. The casino attributed the decline to a decrease in consumer spending and a decrease in tourism due to the ongoing COVID-19 pandemic.
Similarly, Horseshoe Casino Baltimore saw a 6% decline in revenue year-over-year, while Live! Casino & Hotel reported a 4.2% decrease in earnings. The other three casinos in Maryland also experienced declines in revenue, although to a lesser extent.
The decline in revenue comes as a surprise to many industry experts, who had expected to see an increase in earnings as COVID-19 restrictions eased and more people returned to casinos. However, the Delta variant of the virus has caused concern among consumers, leading to a decrease in foot traffic at casinos.
Despite the decline in revenue, Maryland’s casinos remain optimistic about the future. The state recently approved sports betting, which is expected to bring in additional revenue for the industry. Additionally, casino operators are hopeful that as the pandemic subsides and consumer confidence increases, revenue will begin to rebound.
In the meantime, Maryland’s casinos are taking steps to attract more customers and increase revenue. Many are offering promotions and incentives to encourage people to visit, while also implementing strict health and safety protocols to ensure the safety of both customers and employees.
Overall, while the decline in revenue in July may be concerning, Maryland’s casinos remain hopeful for the future and are optimistic that they will be able to bounce back in the coming months.
