Maryland Casinos See Revenue Slow in January

Article by : Erik Gibbs Feb 8, 2024

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In January 2024, Maryland’s casino industry faced a significant setback as revenues from the state’s six casinos witnessed an 8.4% decline compared to the same period last year.

The combined revenue from slot machines and table games amounted to $153,243,316, marking a notable decrease of $14,027,082 from January 2023.

This decline in gaming revenue had a broader impact on the state’s contributions, which totaled $63,154,392—a 10.6% decrease from the previous year.

The Education Trust Fund, a crucial recipient of casino gaming revenues, experienced a decline of 11.2%, receiving $45,649,309 in January 2024 compared to the same month in 2023.

These funds play a vital role in supporting various sectors, including local communities housing the casinos, Maryland’s horse racing industry, and small businesses owned by minorities, women and other underrepresented groups.

The revenue statistics for January 2024 closely resembled those of January 2022, where gaming revenues amounted to $153.8 million, and contributions to the state reached $62.5 million, including $45.5 million allocated to the Education Trust Fund.

Each of Maryland’s six privately owned casinos—MGM National Harbor, Live! Casino & Hotel, Horseshoe Casino Baltimore, Ocean Downs Casino, Hollywood Casino Perryville and Rocky Gap Casino Resort—reported a decrease in their January revenue.

MGM National Harbor experienced the most significant downturn, with an 8.7% reduction, generating $66,041,474.

Horseshoe Casino observed a 17.1% drop, resulting in $14,570,608 in revenue. Live! Casino & Hotel recorded the smallest decline, with a modest 2.5% reduction to $56,782,092.

The most substantial decline occurred at Rocky Gap Casino, witnessing a 36.6% drop in revenue to $3,188,456. Hollywood Casino and Ocean Downs Casino also experienced downturns of 7.5% and 12.9%, respectively.

Beyond providing entertainment, the gaming industry plays a crucial role in Maryland’s economy through its financial contributions to the state and local economies.

The January 2024 decrease highlights the challenges faced by the sector, raising concerns about potential impacts on funding for essential services and initiatives supported by casino revenues.

As Maryland and its casinos confront these economic challenges, stakeholders are closely monitoring whether this downward trend will persist or if the industry can rebound in the coming months.

Comprehensive details on each casino’s gaming revenues and contributions to the State of Maryland, encompassing fiscal and calendar year-to-date totals, are available online.