Maryland Casinos Experience Drop in Revenue for January

Maryland’s gambling industry saw a decrease in revenue in January 2024, with the state’s six casinos bringing in a total of $153.2 million. This represents an 8.4% decrease from the previous year, resulting in lower contributions to the state. The top-performing casino was MGM National Harbor, which generated $66 million in revenue, an 8.7% decrease from the previous year. Live! Casino & Hotel reported revenue of $56.8 million, a slight 2.5% decline, and Horseshoe Casino brought in $14.6 million, a 17.1% decrease.

The other three casinos also experienced decreases in revenue, with Hollywood Casino reporting $6.5 million, Ocean Downs Casino bringing in $6.1 million, and Rocky Gap Casino plummeting to $3.18 million, a 36.6% decrease.

Despite the decline in revenue, Maryland’s casinos contributed $63.1 million to the state, with the Education Trust Fund receiving the bulk of the contributions at $45.6 million. This is a 10.6% decrease from the previous year. Contributions to communities, jurisdictions, the racing industry, and small businesses were also lower.

As the state looks to increase revenue, Maryland lawmakers are considering legalizing iGaming, which would allow the six casino operators to partner with up to two online gambling platforms. This move is expected to generate more money for the state and create new job opportunities.

These results come as the industry tries to navigate the ongoing effects of the pandemic on the gambling sector. With decreasing revenue and contributions, Maryland’s casinos are looking for new opportunities to drive growth in the coming year.