Maryland Casinos See 4% Revenue Growth in July

Maryland's casino industry experienced a strong July, with four of the state's six casinos posting revenue increases that contributed to a nearly $7 million boost compared to June. This growth marks a welcome turnaround after a sluggish start to the summer, largely driven by the performance of MGM National Harbor.

According to data from Maryland Lottery and Gaming, total casino revenue for July 2024 reached approximately $170 million, reflecting a 4.2% increase from June's figures. MGM National Harbor, the state’s top-performing casino, led the way with a $3.8 million increase, representing a 5.6% month-over-month growth.

Live! Casino & Hotel followed with a $2.2 million gain, while Ocean Downs Casino recorded the highest percentage increase at 18.3%, translating to an additional $1.5 million in revenue. Rocky Gap Casino also performed well, with a 9.7% increase from June.

Despite these monthly gains, not all casinos saw positive results. Horseshoe Casino Baltimore and Hollywood Casino Perryville experienced declines of 5.6% and 3.0%, respectively.

While July brought good news on a month-to-month basis, the year-on-year figures tell a different story. Overall, Maryland casino revenue fell by 2.6% compared to July 2023, dropping from $174.3 million to $169.8 million. This trend is consistent with the broader fiscal year data, which also shows a 2.6% decline in revenue for FY 2025 compared to the same period in FY 2024.

 

“The proposed online casino bill could have added an estimated $91 million to Maryland's budget in July alone, a significant missed opportunity for the state's gaming industry.”

 

The Impact of Missed Online Casino Opportunities

The revenue figures for July also underscore a substantial missed opportunity for Maryland's gaming industry, one that could have had a transformative impact on the state's financial landscape. Earlier this year, a proposed online casino bill aimed at boosting state revenues was met with strong opposition from Cordish Cos., the developer behind Live! Casino & Hotel, and key labor unions who feared the potential negative effects on the workforce and traditional casino revenue streams. Despite the bill's promise of generating approximately $300 million in tax revenue annually, it was ultimately derailed, stifling what could have been a lucrative new revenue stream for the state.

In July alone, the introduction of online casinos could have contributed an estimated $91 million to Maryland's budget, according to projections based on performance data from other states with legalized online gaming. This missed opportunity highlights the ongoing tension and debate within the state about the future of its gaming industry. As Maryland's casinos continue to navigate an increasingly competitive and challenging economic environment, the gap between what could have been achieved and what was realized in terms of revenue continues to fuel discussions about the potential benefits and drawbacks of embracing online gaming.