In July 2024, Maryland’s six casinos collectively generated $169.8 million in gaming revenue. While this represents a 2.6% decline compared to July 2023, it marks a 4.2% increase from June 2024. The downward trend in year-on-year revenue was observed across all six casinos.
MGM National Harbor
Leading the revenue charts, MGM National Harbor brought in $72 million. This prominent casino continues to be the top performer among Maryland’s gaming establishments, maintaining its position with substantial revenue despite the overall decline.
Live! Casino & Hotel
Following closely was Live! Casino & Hotel, which generated $62.6 million. This casino remains a significant contributor to Maryland’s gaming revenue, reflecting its strong market presence and popularity.
Horseshoe Casino Baltimore
Horseshoe Casino reported a revenue of $13.3 million. However, it experienced the largest revenue decrease among the casinos, with a notable drop of 16.9% compared to July 2023.
Ocean Downs Casino
Ocean Downs Casino saw a revenue of $9.6 million. While it also experienced a decrease, its performance remains relatively steady compared to other casinos in the state.
Hollywood Casino Perryville
Hollywood Casino Perryville generated $7.3 million. Despite the overall revenue drop, it maintains a consistent revenue stream within Maryland’s casino industry.
Rocky Gap Casino
Rocky Gap Casino, with $5 million in revenue, rounds out the list. Although it shows lower figures compared to its competitors, it remains a vital part of the state’s casino revenue landscape.
Revenue Decline Across the Board
All six casinos reported a year-on-year decrease in revenue for July 2024. The most significant drop was seen at Horseshoe Casino Baltimore, which faced a 16.9% decrease. This trend indicates a possible shift in consumer preferences or increased competition within the state’s casino market.
Month-to-Month Comparison
On a month-to-month basis, Maryland’s casino revenue improved by 4.2% from June to July 2024. This rebound suggests a potential seasonal variation or promotional activities that might have influenced the revenue positively in July.
Contribution to State Funds
The total contributions from casino gaming to the state amounted to $72.2 million, representing a 1.4% decrease compared to the previous year. Of this amount, $52 million was allocated to the Education Trust Fund, highlighting the continued importance of casino revenue in supporting public education.
Market Dynamics
The overall decline in casino revenue could reflect changing dynamics in the gaming industry, such as new competition, shifts in consumer behavior, or economic factors affecting discretionary spending.
Economic Impact
The decrease in gaming revenue has a direct impact on state-funded programs, particularly the Education Trust Fund. With a significant portion of casino revenue earmarked for education, fluctuations in casino earnings can influence the stability and funding levels for educational initiatives in Maryland.
Strategic Responses
Casinos might need to consider strategic changes to address the revenue decline. This could include enhancing customer experiences, introducing new games or promotions, and leveraging marketing efforts to attract more patrons.
July 2024 saw a slight decrease in Maryland’s casino revenue compared to the previous year, though there was a month-to-month improvement from June. The leading casinos, such as MGM National Harbor and Live! Casino & Hotel, continue to perform well, while Horseshoe Casino Baltimore faces notable challenges. The overall impact on state funding, especially for education, underscores the importance of closely monitoring and responding to revenue trends in the gaming sector. As Maryland’s casino industry navigates these changes, it will be essential to understand the underlying factors driving these trends and adapt strategies to maintain and enhance revenue performance.