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Maryland Casinos Bounce Back in August with $173 Million Boost

Maryland's casinos generated $173.9 million in August 2024, marking a 2.4% increase from July. Despite strong gains, the state misses out on over $100 million monthly by not legalizing online casinos.

CasinoLandia > News > Maryland Casinos Bounce Back in August with $173 Million Boost

Branimir Ivanov | Senior News Contributor

Updated: Oct 21, 2024

Bounce Back Autumn for Maryland

After a slower July, Maryland's six casinos surged in August, generating $173.9 million in revenue—a 2.4% increase compared to the previous month. August’s earnings marked the second-highest monthly revenue of 2024, just behind March’s $178.1 million, according to Maryland Lottery and Gaming data.

Key Drivers of August's Performance

Maryland

28 Casinos

The combined performance of MGM National Harbor and Horseshoe Casino Baltimore spearheaded the month's revenue growth, contributing more than $4 million of the total $4.1 million increase from July. MGM National Harbor saw a 4.2% rise in revenue, adding $3 million, while Horseshoe Casino grew by 8.3%, adding $1.1 million. Other casinos, including Hollywood Casino Perryville and Ocean Downs Casino, also posted moderate gains. However, Live! Casino & Hotel and Rocky Gap Casino experienced slight declines, with Live! losing 1.1% of its revenue and Rocky Gap seeing a marginal drop of 0.66%.

MGM National Harbor and Live! Casino continue to dominate the state’s casino industry, consistently generating over $50 million each month. Meanwhile, Horseshoe Casino Baltimore maintains its mid-tier standing, typically bringing in between $13 million and $20 million per month, with smaller properties like Ocean Downs and Hollywood Casino Perryville trailing behind.

Despite the growth in traditional casino revenue, Maryland is missing out on significant potential earnings from iGaming. The state has yet to legalize online casinos, a decision that some estimates suggest is costing the state over $100 million in monthly revenue.

According to PlayUSA’s projections, if Maryland had legalized online casinos, it could have generated $104.5 million in July 2024 alone, based on comparisons to other states with similar populations, such as Pennsylvania and Michigan. In these states, online casino revenue surpasses even the best-performing online sports betting markets, driven primarily by online slots, which require no specialized knowledge to play. In contrast, sports betting requires a more informed approach, limiting its broad appeal.

Seven U.S. states currently allow online casinos, but Maryland remains hesitant to join their ranks. This reluctance is partly attributed to concerns over the competition it would create for brick-and-mortar casinos. Earlier this year, a proposed online casino bill was blocked following a strong opposition campaign led by Cordish Companies, a major casino developer.

Legislative Roadblocks and Future Prospects

The failure to pass iGaming legislation in 2024 means that Maryland online casinos are unlikely to be reconsidered until at least 2026. Advocates for online gambling will need time to regroup after facing stiff opposition, particularly from influential stakeholders in the state's casino industry. Until then, Maryland's casino operators will continue to lose out on what could amount to $300 million in annual revenue.

The national trend also shows slow progress on iGaming adoption. While online sports betting has rapidly expanded across many states, lawmakers have been more cautious about online casinos, despite the potential for higher returns. In states like Pennsylvania and New Jersey, monthly online casino revenue regularly exceeds $185 million, underscoring the lucrative nature of this market.

Maryland’s six casinos generated $173.9 million in August, but the state continues to lose out on over $100 million in monthly revenue by not legalizing online casinos.

Outlook for Maryland’s Casino Industry

Despite the missed opportunities in iGaming, Maryland's brick-and-mortar casinos are performing well, with August’s revenue growth showing resilience. Year-over-year, revenue was up 7.8%, and year-to-date revenue for the fiscal year is up 2.4%, indicating steady growth in the state’s gaming sector.

With the continued success of properties like MGM National Harbor and Live! Casino, Maryland’s casino industry remains a key contributor to the state’s economy. However, as other states reap the benefits of iGaming, Maryland will continue to face mounting pressure to explore online casino legislation in the years to come.