In May 2024, Maryland’s six casinos collectively earned $173.2 million in gaming revenue, marking a 2.2% increase compared to the previous year and a notable 6.1% rise from April’s $163.2 million. This steady growth underscores a resilient and expanding gaming market in the state.
Live! Casino and Hotel
Live! Casino and Hotel led the Maryland casino market with an impressive $65 million in revenue for May. This figure represents a robust 10.3% increase from the previous year. The casino’s continued dominance reflects its strong market presence and popularity among patrons.
MGM National Harbor
MGM National Harbor followed closely with $72.3 million in revenue, experiencing a year-over-year increase of $551,000. This growth underscores MGM’s continued appeal and competitive position in the Maryland gaming landscape.
Hollywood Casino
Hollywood Casino reported a revenue of $7.8 million, which is a modest increase of $204,423 from May 2023. While not as dramatic as some other casinos, this incremental growth demonstrates Hollywood Casino’s steady performance.
Horseshoe Casino
Horseshoe Casino faced a significant downturn, with revenue falling to $14.7 million, a decrease of 15.9% compared to the same period last year. This substantial drop may indicate shifts in customer preferences or increased competition.
Rocky Gap Casino
Rocky Gap Casino saw its revenue decrease to $4.97 million, down by $258,000. This reduction highlights potential challenges faced by the casino in maintaining its revenue levels.
Ocean Downs Casino
Ocean Downs Casino experienced a slight decline, with revenue dropping by $50,000 to $8.35 million. Although the decrease is relatively small, it still reflects a minor setback for the casino.
Contributions to State Revenue
The contribution from casino gaming to Maryland’s state revenue amounted to $74.45 million in May, up $3.62 million from the previous year. This increase represents a positive impact on the state’s finances, supported by the overall growth in gaming revenue.
Education Trust Fund Contributions
In particular, contributions to the Education Trust Fund reached $53.7 million, marking a 4.2% increase from May 2023. This boost in funding underscores the essential role that casino revenue plays in supporting educational initiatives within the state.
Betr’s Initial Approval for Sports Betting
Betr, a new player in the sports betting market, has received initial approval from the Maryland Lottery to pursue a sports betting license. However, final approval from the Maryland Sports Wagering Application Review Commission is still pending.
Market Expansion
Betr’s move into Maryland follows its January announcement of market access deals in Pennsylvania for online sportsbooks and casino operations, as well as online sportsbook agreements in Colorado and Kentucky. This expansion indicates Betr’s strategic growth in key markets across the U.S.
Maryland’s casino industry has shown notable growth in May 2024, with overall revenue rising and key contributors performing strongly. While some casinos have faced declines, the overall trend remains positive, bolstered by increasing contributions to state revenue and educational funds. The potential entry of Betr into the Maryland sports betting market further signifies a dynamic and evolving landscape in the state’s gaming industry.