Maryland Casino Revenue for June Down From a Year Ago

    Maryland Casino Revenue For June Down From A Year Ago
    Article by : Erik Gibbs Jul 12, 2024

    The Maryland State Lottery & Gaming Control Agency (MLGCA) recently released its report on casino revenue for June 2024. While overall figures remained relatively stable, the data reveals a slight decline compared to June 2023.

    The state’s six casinos generated a combined total of $162.9 million in revenue, representing a 0.5% decrease from the $163.7 million reported the previous year. This modest dip suggests a leveling off in Maryland’s casino industry after a period of initial growth following its launch in 2021.

    While the overall picture reflects a slight decline, individual casino performances varied throughout June. MGM National Harbor retained its position as the state’s top earner, bringing in $68.2 million in revenue. However, this figure still represents a 1.3% decrease year-on-year, indicating a slowdown in activity even at the leading casino.

    Live Casino & Hotel emerged as a bright spot, experiencing a positive year-on-year increase of 4.2%. Their June 2024 revenue of $60.4 million suggests a strategic approach that is attracting and retaining customers.

    The remaining four casinos reported varying degrees of decline in revenue compared to June 2023. Horseshoe Casino Baltimore witnessed the most significant drop, with a decrease of 11.5% and a total revenue of $14.1 million. Ocean Downs followed closely behind, experiencing a 6.3% decline to reach $8.1 million in revenue.

    However, there were also positive outliers. Hollywood Casino defied the downward trend, achieving an impressive 8.2% increase in revenue, reaching $7.5 million for the month. This growth suggests they may be implementing strategies that resonate with players. Rocky Gap Casino rounded out the list with $4.6 million in revenue, reflecting a 10.3% decrease from the previous year.

    Despite the slight decline in revenue, June 2024 saw a positive development for state contributions. The casinos generated $69.8 million for the state, representing a 0.6% increase year-on-year. This suggests that even with a slight dip in overall revenue, the casino industry remains a valuable source of income for Maryland.

    However, the news wasn’t entirely positive on the funding front. Contributions to the Maryland Education Trust Fund, a key beneficiary of casino revenue, experienced a slight decrease of 0.1%, totaling $50.4 million for June 2024. While the decline is marginal, it highlights the potential impact of fluctuating casino revenue on educational funding streams.

    The MLGCA continues to oversee the operation of the six land-based casinos in the state. Notably, Maryland has yet to legalize online casinos, despite their growing popularity across the nation. A recent Public Policy Polling survey suggests limited support for a ballot referendum legalizing online gambling this November, indicating that online casinos might not be on the horizon for Maryland residents anytime soon.

    The June 2024 casino revenue data paints a nuanced picture of Maryland’s gaming industry. While overall revenue dipped slightly, there were both positive and negative outliers among individual casinos. This highlights the importance of strategic adaptation for each venue to thrive in the competitive landscape. The future of online gaming in Maryland remains uncertain, with the recent survey indicating an uphill battle for legalization. Moving forward, the MLGCA will likely continue to monitor casino performance and advocate for responsible gaming practices within the state.