Summary: The American Gaming Association has released a new report on the gambling industry, showing that the 4th spot now is held by the Washington-Baltimore region regarding revenues generated.
The American Gaming Association stays abreast of the latest dealings within the gambling industry in the United States, publishing reports to keep players as well as shareholders in the know. Just recently, an industry report was presented by the AGA, showing that the 4th spot for the largest gambling market now belongs to the Washington-Baltimore region.
Last year, the Washington-Baltimore area was able to generate $1.77 billion in gambling revenues. This was quite a bit higher than the $1.57 billion generated in New York. The MGM National Harbor casino, the newest in the state of Maryland, was the leader when it came to revenues, earning just over $608 million. The venue first opened in December 2016.
According to information in the report, Las Vegas is the largest market, followed by Atlantic City and Chicago when considering the generation of gambling revenues. It seems that once the MGM National Harbor was approved and offering services, the region of Baltimore-Washington began to boom. This region was identified in the report due to the revenues generated from the MGM Grand Harbor, Live! Casino, the Horseshoe Casino of Maryland and the Hollywood Casino in West Virginia.
This region is booming with activity and residents and visitors from several states take part in gaming at the various venues. The gaming venues are close to the highly populated Washington D.C. as well as New York City and Philadelphia, which helps to push visitor traffic even higher.
Maryland gambling revenues increased 34.2% when compared in 2017 and 2016. The state earned $1.61 last year and just $1.2 billion in 2016. The state is also on track in 2018 to see continued growth by way of revenues. So far, the state looks to be on pace to earn $1.68 billion.
To help matters, the Live! Casino opened a new hotel tower this year, able to take in more overnight guests. The MGM Grand Harbor also opened a new gaming space on the second floor to accommodate more visitors.
A Look at Nationwide Commercial Gambling
In the report, the AGA also discusses the commercial gambling industry nationwide. As a whole, the industry was able to generate $40.28 billion with gross gambling revenues. This excludes revenues earned from entertainment, dining, accommodations and amusement parks. This was a 3.4% increase for the US in 2017.
Because of the revenue increase, additional gambling tax revenues were earned. In total, states were able to see $9.23 billion in total tax revenues and that’s just from gambling. Even more was brought in when reviewing taxes on other activities in the regions.
Enter Sports Betting
Next year’s report will be able to include even more gaming options as states in the US are now open to offering sports betting if legislation is in place. Already, states such as Delaware, New Jersey and Mississippi are offering sports betting and more states are set to become involved in the near future. For 2018, the next report will have a boost from sports betting and by the 2019, even more states should be in on the action, helping to push the overall gambling industry totals up even further.
For now, it is interesting to see that the Baltimore-Washington area has taken the number four spot as one of the largest gaming markets in the US. The area is on pace to maintain this position next year or even move up a spot!