Maryland February casino revenue hits $126m, down 17%

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Maryland’s six casinos earned $126m of revenue in February for a year-on-year decline of 17%.

Four casinos are operating at 50% capacity, while MGM National Harbor and Horseshoe Casino are at 25% capacity.

MGM led the state with $51m of revenue last month, down 17% from February 2020. Live! Casino & Hotel Maryland was a close second with $44m, a decline of 18%.

Horseshoe reported revenue of $14m for a 20% y-o-y drop, while Hollywood Casino took in $6.3m for a slight 5% decline. Ocean Downs Casino also saw revenue percentage fall by single figures; the property generated $5.8m last month, which was down 3% from the year prior.

Rocky Gap Casino rounded out the state with $4m of revenue, down 18%.

State lawmakers in Annapolis debated this past week how to distribute licenses for Maryland’s recently legalized sports betting industry.

House Speaker Adrienne Jones, a Democrat representing Baltimore County, has proposed HB940, which would allow in-person sports betting at the state’s six casinos and two horse racetracks and award up to 10 online betting licenses. Licenses would be divided into two classes; Class A for casinos and racetracks and Class B for businesses like stadiums, restaurants and hotels.

Retail sports wagering would be taxed at 15%, while online sports wagering would be taxed at 15% for the first $5m of revenue and $17.5m thereafter.

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