In May 2023, Maryland’s six casinos faced a 5.2% year-on-year decrease in gaming revenue. The Maryland Lottery and Gaming Commission released their findings, with MGM National Harbor leading the pack with $71.7 million in revenue. Live! Casino & Hotel followed with $58.9 million, while the remaining casinos also reported a drop in earnings.
Revenue Decline: The headline figure in this report is the 5.2% decline in overall gaming revenue compared to May 2022. This significant drop reflects the challenges faced by the industry in the face of changing economic conditions and shifting consumer preferences.
Individual Casino Performance: Breaking down the revenue by individual casinos provides a more comprehensive view of the market. MGM National Harbor’s top position with $71.7 million is a testament to its prominence in the Maryland casino landscape. Live! Casino & Hotel’s $58.9 million revenue highlights its continued appeal to gamblers. Meanwhile, Horseshoe Casino, Ocean Downs Casino, Hollywood Casino, and Rocky Gap Casino each contributed to the revenue pool, albeit at varying levels.
- MGM National Harbor: $71.7 million
- Live! Casino & Hotel: $58.9 million
- Horseshoe Casino: $17.5 million
- Ocean Downs Casino: $8.4 million
- Hollywood Casino: $7.6 million
- Rocky Gap Casino: $5.2 million
Contributions to the State: Casino gaming revenue is not only vital for the casinos themselves but also plays a crucial role in supporting state finances. In May 2023, casinos contributed $70.8 million to the state, even with the revenue decrease. A closer look at the breakdown reveals that casinos generated over $51.4 million for Maryland’s Education Trust Fund (ETF).
The May 2023 gaming revenue report for Maryland paints a picture of a casino industry grappling with challenges and fluctuations in its revenue. While the decline in overall revenue is concerning, it’s important to acknowledge the significant financial contributions casinos continue to make to the state. The performance of individual casinos provides insights into the competitive dynamics within Maryland’s gambling industry.