In October, Maryland casinos reported a great decline in gross gaming revenue (GGR) of the year. The total revenue that was generated by the six licensed venues was $143.89 million, which is equivalent to an 8.9 percent decline on a year over year basis.
MGM National Harbor experienced the highest decline. They recorded an 18.5 percent decline on its GGR, which is equivalent to a $13.5 million loss. Horseshoe Baltimore also experienced a decline; their GGR dropped by 9.1 percent. Live Casino gaming was the only area that recorded growth. Other regional casinos, which include: Ocean Downs, Hollywood Casino, and Rocky Gap, recorded gross revenue of $17.27 million.
Casinos Taxes to Build and Renovate Schools
Maryland legislators plan to use the revenue collected from casinos to fund education. In 2019, the state casinos generated a revenue of $1,706,408,578, in which 30.8 percent went to state education. The Democrat lawmakers are planning to channel $2.2 billion to local government for building and renovation of schools.
“Every second, we delay funding that will modernize school buildings; we deny our students an opportunity for a brighter future. If we achieve nothing else as a General Assembly this term, we will uphold our commitment to making our schools the best in the nation.” House Speaker Adrienne Jones said.
However, Republican Gov. Larry Hogan said the democrats are late given that they rejected his school construction plan during the 2019 session.
He said, “Now that our legislators are finally making school construction a priority, I certainly look forward to working with them to get it done.”
MGM National Harbor entered in Maryland gaming industry in 2016. The entry shook up the gaming industry in Maryland, DC, and Northern Virginia. Live and Horseshoe were the most affected. Casino.org reported that MGM entry in Maryland prompted Horseshoe to spend $200 million in building a 310 room hotel with a 20,000 square feet convention space.