Maryland’s six casinos have posted total revenue of $153.2 million for January 2024. This figure represents an 8.4% year-on-year decrease and led to lower contributions to the state.
For reference, the best-performing casino was MGM National Harbor, a property with over 2,000 slots and more than 200 gaming tables. The MGM property posted revenue of $66 million, which represents an 8.7 year-on-year decrease.
In the meantime, Live! Casino & Hotel, a huge casino boasting approximately 4,000 slot machines, reported revenue of $56.8 million. This figure represents a slight 2.5% decline from January 2023. Rounding up the top three was Horseshoe Casino with $14.6 million in revenue, or a 17.1% year-on-year decline.
The other three casinos didn’t fare much better and also recorded lower revenues. Hollywood Casino, for example, posted revenue of $6.5 million in January 2024, which translates to a 7.5% year-on-year decline. Ocean Downs Casino, meanwhile, experienced a decrease of 12.9% to $6.1 million.
Rocky Gap Casino got the worst of it as its revenue plummeted by 36.6% to $3.18 million in January 2024.
Maryland’s Casinos Contributed $63.1M to the State
Overall, the January 2024 results were roughly the same as those recorded in January 2022. Back then, the industry recorded revenue of $153.8 million and contributed $62.5 million to the state.
Speaking of contributions, as revenues declined across the board in January 2024, so did casinos’ contributions to the state. In total, Maryland’s six casinos contributed $63.1 million to the state. This is notably a 10.6% decrease compared to January 2023.
The bulk of the contributions ($45.6 million) went to the Education Trust Fund. This figure means that the fund received $5.7 million less than it did in January 2023. The contributions received by communities and jurisdictions where the casinos operate, the racing industry and small businesses were also smaller.
In the meantime, Maryland lawmakers continue to mull over the legalization of iGaming in the state. A recent bill seeks to greenlight the vertical, allowing The Free State to tap into the demand for digital gaming content.
The bill would allow Maryland’s six casino operators to join forces with up to two online gambling platforms and generate more money for the state. In addition to that, the move would create many new jobs, further improving the economy.