In July 2024, Maryland’s six casinos generated a total of $169.8 million in revenue from slot machines and table games. This represents a 2.6% decrease year-on-year, highlighting a challenging period for the state’s casino industry.
MGM National Harbor: Slight Decline
MGM National Harbor, operating with 2,300 slot machines and 212 table games, reported $72 million in revenue, experiencing a slight decrease of 0.2%. Despite this minor drop, MGM National Harbor remains a top performer among Maryland’s casinos.
Live! Casino & Hotel: Marginal Revenue Drop
Live! Casino & Hotel, which operates 3,861 slot machines and 179 table games, generated $62.6 million in July 2024. This marks a small decrease of 0.3%, indicating relative stability despite the overall downward trend in the industry.
Horseshoe Casino Baltimore: Significant Downturn
Horseshoe Casino Baltimore, with 1,347 slot machines and 115 table games, saw a substantial decline in revenue. The casino reported $13.3 million, down by 16.9% from the previous year. This significant drop highlights the particular struggles faced by Horseshoe Casino.
Ocean Downs Casino: Moderate Decrease
Ocean Downs Casino, featuring 876 slot machines and 19 table games, earned $9.6 million, reflecting a 4.6% decrease. This moderate decline aligns with the broader trend of reduced casino revenues across the state.
Hollywood Casino Perryville: Small Decline
Hollywood Casino Perryville, with 735 slot machines and 23 table games, reported $7.3 million in revenue, a 2.8% decrease compared to July 2023. The slight dip indicates that this casino is somewhat weathering the broader industry challenges.
Rocky Gap Casino Resort: Notable Drop
Rocky Gap Casino Resort, which operates 636 slot machines and 16 table games, generated $5 million in revenue, marking a 13.4% decline. This notable drop underscores the difficulties faced by smaller casinos in Maryland.
Decrease in State Contributions
In July 2024, casino gaming contributions to the state totaled $72.2 million, a decrease of 1.4% from the previous year. These contributions are vital for funding several state programs, which include education, community projects, and industry support.
Education Trust Fund: A Key Beneficiary
The Education Trust Fund, a primary beneficiary of casino revenues, received $52 million in July 2024, down by 1.4%. This fund plays a crucial role in supporting Maryland’s educational programs, and the decrease in contributions could impact the resources available for schools and educational initiatives.
Comparison with Early 2024 Performance
The decline in July follows a period of fluctuation throughout 2024. For instance, in February 2024, Maryland’s casinos reported a total gaming revenue of $159.2 million, a 1.4% increase compared to February 2023. Contributions to the state during that month amounted to $67.7 million, with $48.9 million directed to the Education Trust Fund, marking a 0.5% increase.
Contrasting Trends: Sports Betting vs. Casino Gaming
While the casino sector has seen a decline, the sports betting industry in Maryland has shown growth. In January 2024, the total handle for sports betting increased by 23%. However, this growth in sports betting has not been sufficient to counterbalance the decline in traditional casino gaming revenues.
Maryland’s casino industry is facing a period of revenue decline, as evidenced by the 2.6% drop in total revenue for July 2024. Each casino is experiencing different levels of impact, but the overall trend points to significant challenges. The reduction in revenue affects state contributions and funding for crucial programs, including education.