Maryland’s casino industry experienced a notable shift in gaming revenue during January 2024, marking a decline compared to the previous year. Despite fluctuations, the state’s casinos continue to contribute significantly to various sectors, showcasing both challenges and resilience within the gaming landscape.
Overview of Casino Revenue Trends:
In January 2024, Maryland’s six casinos collectively generated $153.2 million in gaming revenue, reflecting an 8.4% decrease from January 2023. Contributions to the state totaled $63.2 million, down by 10.6% from the previous year. These contributions support vital sectors such as the Education Trust Fund, community development, the Maryland horse racing industry, and small, minority- and women-owned businesses.
Comparing January 2024 to January 2022, similarities arise, with gaming revenues at $153.8 million and contributions to the state at $62.5 million. Notably, the Education Trust Fund received $45.5 million in January 2022.
Individual Casino Performance:
Breaking down the gaming revenue by casino, MGM National Harbor led with $66 million, experiencing an 8.7% decline from January 2023. Live! Casino & Hotel followed closely with $56.8 million, marking a decrease of 2.5%. Horseshoe Casino recorded $14.6 million, reflecting a significant decline of 17.1%.
Hollywood Casino accumulated $6.6 million, down by 7.5%, while Ocean Downs Casino accounted for $6.1 million, showing a decrease of 12.9%. Rocky Gap Casino posted $3.2 million, indicating a substantial decline of 36.6%.
Resilience Amid Fluctuations:
While January 2024 exhibited a decline in gaming revenue, previous months showcased the industry’s resilience. In December 2023, Maryland’s casinos generated $165.6 million, marking a marginal increase of 0.3% compared to December 2022. However, November 2023 witnessed a decline, with gaming revenue totaling $157.7 million, down by 3.5% from the previous year.
Maryland’s casino industry navigates through fluctuations in gaming revenue, demonstrating resilience despite challenges. The sector’s contributions to various sectors underscore its importance in supporting key areas of the state’s economy, highlighting the dynamic nature of the gaming landscape.