The past four months happen to be extremely difficult for land-based casinos around the United states. Numerous of the country’s casinos have begun to reopen, yet nearly all of them are struggling to bring in players. New reports on Maryland’s gaming revenue have just been released that shows how difficult of a year 2020 has been for the casinos in this state.
Casino revenue is dropping in every single state. Today, we’re going to look at exactly just how much cash the gaming venues in Maryland managed to bring in so far this year.
he state of Maryland is home to six significant casinos. It wasn’t till 2012 that lawmakers started permitting table games to be played inside these gambling venues. This industry has been growing steadily because that time.
At the begin of this year, issues looked fantastic for the casinos right here. Revenue was increasing and some felt that Maryland was growing to turn out to be one of the new gambling hubs on the East Coast. It even looked like sports betting was set to become legal here. Sadly, all of the state’s casinos were forced to close down in March of this year.
State leaders had been initially unwilling to say when the casinos here would be allowed to reopen. New instances of Covid-19 have been fairly low right here but many stay very cautious to get issues back on track. Early last month, Governor Larry Hogan told the media that casinos would be allowed to reopen on June 19th.
All the state’s casinos have now reopened with safety measures set in place. That includes social distancing measures and limiting get in touch with in between players. If cases begin to spike in Maryland, there’s a chance Governor Hogan will require the state’s casinos to close as soon as once more.
It’s been an extremely tough time for the companies operating these casinos. These businesses are now operating hard to attract new players. New income reports are beginning to come out here that show the toll the global pandemic has taken on this business.
We’re only just starting to see how badly the US casino business is becoming impacted by the events taking place about the world. Even the casinos that have totally reopened are discovering it tough to generate income. As more regulations are set in place at these casinos, fewer people are choosing to gamble.
According to new reports from state gaming and lottery officials, Maryland’s gaming income has dropped by an extraordinary 27% so far this fiscal year. Over the fiscal year, casinos here generated $1.28 billion. Obviously, the majority of this money was produced before the casino shutdowns in March. It is still unclear just how much money has been more than the previous couple of weeks.
MGM National Harbor, arguably the biggest and most popular casino in the state reopened on June 26th and generated $8 million over the following five days. Reside! Casino & Hotel reopened on June 19th and made $15.9 million that month. Horseshoe Casino opened back up towards the public on June 28th and managed to bring in $2.6 million more than the next two days.
In total, Maryland’s gaming income for June came out to $34.9 million. $14.6 million of that went directly towards the state in taxes.
Most analysts predict that casino income will be significantly lower this calendar year than it was in 2019. Some believe the US casino business will never appear the same way it did just a few months ago. We’ll continue to offer updates on the amount of revenue earned right here as the year goes on.
Just a few days ago, we reported around the revenue figures for the state of Nevada in May. Incredibly, income right here dropped by 99.4% that month. It’s not very surprising when you consider the fact that all the casinos right here were closed for the entire month.
The only cash generated right here came from the state’s regulated online gambling options. Las Vegas Strip casinos managed to bring in $3.8 million in May. Fortunately, things are guaranteed to become better in June.
Many from the top casino-resorts in Las Vegas opened back up on June 4th. Guests have been visiting and gambling inside these venues, albeit with significant restrictions set in place. Plexiglass barriers separate players and wearing a mask is now mandatory inside all casinos here.
It is difficult to predict just how much cash was earned last month. It will be a major indicator for how the rest of the year will go. In fact, June may prove to become the most successful month for the casinos here after reopening.
Maryland’s gaming revenue in fiscal 2020 dropped sharply. We’ll need to see if issues improve more than the next couple of weeks.