Maryland's casino gaming revenue experienced a decrease of 1.4% compared to the same period last year in June.
Maryland Casinos' June Revenue and Regulatory Changes
In the latest Maryland Lottery and Gaming report, six casinos reported their revenues for June 2024. The report revealed a mixed bag of results, with two casinos showing year-over-year growth and the rest recording decreases.
Ocean Downs Casino reported revenues of $8.1 million in June, a 1.4% decrease compared to the same month last year when it generated $8.2 million. However, it showed the most significant year-over-year percentage growth, with its revenues increasing by 4.3% to $8.5 million in June 2023.
Rocky Gap Casino reported revenues of $4.6 million in June 2024, an 8.9% decrease compared to May's revenue. Horseshoe Casino's revenue was $14.1 million, a slight 0.8% increase from the previous year's revenue of $14.1 million.
Live! Casino & Hotel reported a 2.4% decrease in revenue, with June 2024's revenue standing at $59 million, down from $60.4 million in June 2023. Hollywood Casino's revenue in June 2024 was $7.2 million, a 3.7% decrease from the $7.5 million it generated in June 2023. MGM National Harbor's revenue in June 2024 was $67.2 million, a 1.4% decrease from the $68.2 million it made in June 2023.
In related news, Maryland is taking steps to address what it views as exploitative promotional strategies by betting operators. Proposed regulatory changes aim to reduce promotional bets by increasing restrictions on sportsbook operators. The key change includes raising the mobile sportsbook tax rate from 15% to 20%.
This move is part of an effort to curb aggressive promotions and improve oversight of sportsbook practices. The state is also increasing regulatory oversight on sportsbook operators to reduce harmful or misleading promotional bets. Cease-and-desist letters and lawsuits target unauthorized online gaming and unfair promotional practices.
Maryland's intent to regulate promotional betting more strictly is further reflected in lawsuits against major operators like DraftKings and FanDuel, alleging deceptive betting promotions. The state is tightening control over unlicensed or borderline promotional betting activities to protect consumers and ensure that promotional betting is fair and transparent.
However, no explicit detailed list of all proposed changes to promotional betting rules was found in the available results. The context suggests Maryland is increasing tax burdens and enforcement actions to discourage overly aggressive or deceptive promos by sportsbooks and unlicensed operators.
- In an effort to regulate the casino-and-gambling industry more strictly, Maryland is considering increasing restrictions on sportsbook operators and raising the mobile sportsbook tax rate, from 15% to 20%, to curb aggressive promotions and improve oversight.
- As part of its strategy to address exploitative promotional strategies, Maryland is planning to decrease lotteries by increasing regulatory oversight on sportsbook operators, aiming to reduce harmful or misleading promotional bets and protect consumers.
