Maryland Casinos Reach Record Revenues in October
Maryland casinos announce record revenues as state voters head to the polls to decide how the gambling dollars will be spent. The state's six casinos brought in nearly $158 million in October, marking an 18.6 percent increase in year-over-year revenue.
The total beat Maryland's previous best month of gambling revenue which was set in May at $156.6 million. Four out of the state's six casinos saw year-over-year gains in October. Only Hollywood Casino Perryville and Rocky Gap Casino Resort posted decreases – down 1.4 percent and 3.8 percent, respectively.
MGM National Harbor was far and away the industry leader in Maryland last month. The casino saw its revenue grow by 41 percent compared to October 2017, reaching $73.4 million. The larger Live! Casino & Hotel was a distant second in October revenue at $47 million.
This week, state voters have the opportunity to decide how the state's cut of all that casino revenue will be spent. If approved, Question 1 on the Maryland ballot would dedicate casino tax revenue to funding for schools and education spending.
Opponents of the amendment say it would placing a lock on the funding would be detrimental when other state programs have urgent needs. They argue the funding should also be made available for hospitals, infrastructure, mental health care and other priorities in the state.
The amendment would not go into effect immediately. Commercial gaming revenue in the state including video lottery games would held exclusively for education beginning in the 2020 fiscal year.