Maryland’s casino revenue has taken a significant hit in recent months, with the state collecting only $69.8 million in gaming revenue in the latest financial quarter. This represents a decline of 15% compared to the same period last year and marks a worrying trend for the state’s gambling industry.
The decline in revenue can be attributed to a variety of factors, including increased competition from neighboring states such as Pennsylvania and Delaware. These states have been aggressively expanding their own casino industries in recent years, drawing customers away from Maryland’s casinos. In addition, the ongoing COVID-19 pandemic has also had a significant impact on the state’s gambling industry, with many casinos forced to operate at reduced capacity or close altogether.
One of the hardest-hit casinos in Maryland has been MGM National Harbor, which saw a 17% decline in revenue compared to the previous year. The casino, which is one of the largest in the state, has struggled to attract customers amid the ongoing pandemic and increased competition from neighboring states. Other casinos in Maryland, such as Live! Casino & Hotel and Horseshoe Casino Baltimore, have also seen declines in revenue in recent months.
Despite the decline in revenue, state officials remain optimistic about the future of Maryland’s gambling industry. “While we are disappointed to see a decline in revenue, we are confident that the state’s casinos will bounce back once the pandemic is under control and customers feel safe returning to the gaming floor,” said a spokesperson for the Maryland Lottery and Gaming Control Agency.
In an effort to support the state’s struggling casinos, Maryland Governor Larry Hogan recently signed a bill that will provide financial assistance to casinos that have been adversely affected by the pandemic. The bill will allocate $10 million in grants to casinos in the state, which can be used to cover operating expenses and help them weather the ongoing economic downturn.
Despite these efforts, the future of Maryland’s gambling industry remains uncertain. With increasing competition from neighboring states and the ongoing impact of the pandemic, it will likely be a long road to recovery for the state’s casinos. However, state officials remain hopeful that with the right support and continued diligence, Maryland’s gambling industry will bounce back stronger than ever.
