Maryland feels impact after casino revenues tail off in July

Article by : Charles Perrin Aug 8, 2024

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Maryland casinos are going through a challenging spell, judging by the latest casino revenues that have been published.

Figures show that the state’s six casinos combined to pull in $169.8 million in gaming revenue for July from slots and table games, representing a 2.6% fall compared to the same month the previous year.

There was a knock-on effect as casino gaming contributions for July 2024 totaled $72.2 million, denoting a decrease of 1.4% compared to July 2023.

The contributions to the state are critical to ensure continued support for funded programs, including the Education Trust Fund.

To put this into context, the Education Trust Fund received $52 million in July 2024, but this was down by $723,245 or 1.4% from July of last year.

The revenues generated by casinos also help prop up local communities, the state’s horse racing industry, and other small businesses.

In terms of casino revenue breakdowns, the MGM National Harbor was the highest performer, raking in $72.2 million, albeit a slight decline of 0.2% or $168,366 compared to July 2023.

At the other end of the scale, Rocky Gap Casino Resort reported a revenue of $5 million for July 2024, but that equated to a 13.4% drop-off in revenues compared to the corresponding month last year.

So far, February proved to be a banner month in 2024, where the total gaming revenue was $159.2 million, more than double recorded for July’s return.

Naturally, there have been fluctuations over the past few months, and generally speaking, casino revenues go through peaks and troughs.

However, the onus is on Maryland’s land-based establishments to believe there are better times ahead, and for now, at least, they just need to ride out the storm.