Maryland’s casinos saw a large revenue drop in the month of November. The decrease comes after the casinos had been making good gains following a statewide shutdown due to the coronavirus pandemic.
In a report by the Maryland Lottery and Gaming, the six Maryland casinos generated a gross gaming revenue (GGR) of $130.3M, an amount which is 8.6% lower than the previous month total of $142.7M. The amount is also $10.4M or 7.4% less than the aggregate revenue posted by the Maryland casinos in November 2019.
Maryland Casino Breakdown
$83.43M of the GGR was derived from Video Lottery Terminals (VLT) while table games contributed $146.94M to the total revenue. Live! Casino and Hotel led the way with a VLT total of nearly $30.9M, beating out the $29.8M of MGM National Harbor. As far as table games are concerned, MGM National Harbor was way above the rest with its $25.5M table games intake.
MGM National Harbor remained the top earning casino during the month of November as it raked in a total of $55.3M or 42.4% of the state’s total GGR. Live!Casino and Hotels came in second with its haul of $45M while Horseshoe Casino in Baltimore was a far third with a monthly revenue of $15.25M. Horseshoe Casino though operated at a lower capacity for the most part of November due to new restrictions enforced in Baltimore.
Horseshoe Heavily Affected
After being allowed to open at 50% capacity for two months, the city of Baltimore tightened the restriction to 25% capacity for restaurants, gyms, retailers, and casinos beginning November 12th due to a surge in COVID-19 cases. Being the only Maryland casino in Baltimore, Horseshoe was badly hit by Mayor Bernard “Jack” Young’s decision.
Horseshoe’s November 2020 GGR is an all-time monthly low for the Caesars Entertainment owned Maryland casino. It’s the latest setback for Horseshoe which has struggled since Caesars won the Baltimore license in 2012. The company has been trying to reverse the Baltimore casino’s fortunes in recent years but to no avail.