Maryland Casino Revenue Dips in June 2024

July 9, 2024 – Baltimore, MD – As Maryland residents faced the summer heat in June, the state's casino industry experienced a notable revenue downturn. The combined revenue for Maryland’s six casinos totaled $162,914,432 in June, a decrease of more than $10 million from the previous month. This drop follows a strong May, where casino revenue surged by nearly $10 million month-on-month. Year-over-year, June's revenue saw a slight decline of 0.49%.

 

Key Points:

• Revenue Drop: Maryland casino revenue fell by over $10 million in June.
• Consistent Decline: All six casinos experienced a dip in revenue compared to May.
• Yearly Growth for Some: Despite the monthly drop, two casinos reported year-on-year revenue increases.

 

All six Maryland casinos reported lower revenues in June compared to May. The largest losses came from the state's flagship properties, MGM National Harbor and Live! Casino & Hotel, which together accounted for nearly 90% of the monthly revenue drop. Here’s a detailed look at the figures:

• MGM National Harbor: $68,151,492 (-5.70%)
• Live! Casino & Hotel: $60,399,039 (-7.13%)
• Horseshoe Casino Baltimore: $14,112,716 (-4.15%)
• Ocean Downs Casino: $8,135,862 (-2.59%)
• Hollywood Casino Perryville: $7,523,001 (-3.64%)
• Rocky Gap Casino: $4,592,322 (-7.61%)

 

In terms of year-over-year performance, despite the overall monthly decline in revenue across all properties, several Maryland casinos showed varying levels of resilience. Hollywood Casino demonstrated the strongest growth with an impressive increase of 8.2% compared to the previous year, followed by Live! Casino & Hotel, which saw a respectable growth of 4.2%.

Meanwhile, MGM National Harbor experienced a slight decline of 1.3% in year-on-year revenue. However, Ocean Downs Casino faced a more significant decrease with a decline of 6.3%, while Rocky Gap Casino and Horseshoe Casino reported sharper declines of 10.3% and 11.5%, respectively. These varying results reflect differing market conditions and operational factors impacting each casino's revenue performance over the past year.

Maryland’s casino revenue regularly exceeds $150 million per month, driven largely by its leading properties. However, the introduction of online casinos could significantly boost these figures. According to projections from PlayUSA, legalizing iGaming in Maryland could generate over $70 million in additional monthly revenue. This estimate is based on data from states with established online casino markets, such as Pennsylvania, Michigan, and New Jersey.

Despite potential benefits, legalizing online casinos in Maryland has faced opposition. Lawmakers discussed the possibility in the spring, but the initiative did not make it into the state budget. Two of the state’s casinos, along with labor unions, have been notable opponents of iGaming, contributing to its legislative failure.

 

“Maryland’s combined casino revenue for June 2024 totaled $162,914,432, marking a decrease of over $10 million from May 2024 and a slight year-on-year decline of 0.49%.”

 

Looking Ahead:

Despite the June downturn, historical trends indicate a probable rebound in revenue. For instance, in the previous year, Maryland experienced a notable increase in casino revenue from $163.7 million in June to $174.3 million in July. This suggests a potential pattern of seasonal recovery that could benefit the state's casinos in the upcoming month. If this trend holds, it would reflect a typical seasonal fluctuation that has been observed in Maryland's casino industry.

As Maryland continues to grapple with the potential for online gambling, ongoing discussions persist regarding its potential to augment the state’s gaming revenue. This deliberation involves weighing the economic benefits against regulatory considerations and public sentiment, shaping the future landscape of Maryland's gambling sector.