In July 2024, Maryland’s six casinos reported a combined revenue of $169.8 million from slot machines and table games, marking a 2.6% decline compared to the previous year. This decrease underscores the difficulties faced by the state’s casino industry amidst fluctuating economic conditions and competitive market dynamics. This article provides an in-depth analysis of the revenue trends, the impact on state contributions, and the broader implications for Maryland’s gaming sector.

Maryland Casino Revenue Report: July 2024 Decline Highlights Challenges for the Industry

Overview of Maryland Casino Revenue for July 2024

Statewide Revenue and Contributions

The total revenue generated by Maryland’s casinos in July 2024 amounted to $169.8 million, a notable drop of 2.6% year-on-year. This decline comes after a period of relative stability and growth in earlier months. Despite the decrease in gaming revenues, the contributions to the state from casino operations totaled $72.2 million, representing a reduction of 1.4%. These contributions are crucial for funding several state programs, including the Education Trust Fund, which received $52 million in July, down by 1.4% from the previous year.

Impact on Local Communities and State Programs

Casino revenues play a significant role in supporting Maryland’s local communities, horseracing industry, and small, minority-, and women-owned businesses. The decline in gaming revenues has implications for these sectors, as reduced funds may impact the resources available for community projects and support programs.

Detailed Breakdown of Casino Revenues

MGM National Harbor

• Revenue: $72 million
• Slot Machines: 2,300
• Table Games: 212
• Change: Decrease of 0.2%

MGM National Harbor, one of the largest casinos in Maryland, experienced a slight revenue decrease of 0.2%. The casino’s large scale and extensive game offerings continue to attract significant patronage despite the minor decline.

Live! Casino & Hotel

• Revenue: $62.6 million
• Slot Machines: 3,861
• Table Games: 179
• Change: Decrease of 0.3%

Live! Casino & Hotel reported a 0.3% decrease in revenue. Operating with the highest number of slot machines and a substantial number of table games, the casino remains a major player in the Maryland gaming market.

Horseshoe Casino Baltimore

• Revenue: $13.3 million
• Slot Machines: 1,347
• Table Games: 115
• Change: Decrease of 16.9%

Horseshoe Casino Baltimore saw a significant revenue drop of 16.9%, the largest among Maryland’s casinos. The substantial decline indicates potential challenges specific to this location or shifts in customer preferences.

Ocean Downs Casino

• Revenue: $9.6 million
• Slot Machines: 876
• Table Games: 19
• Change: Decrease of 4.6%

Ocean Downs Casino experienced a 4.6% decrease in revenue. Despite the decline, it remains a popular destination with a focused range of gaming options.

Hollywood Casino Perryville

• Revenue: $7.3 million
• Slot Machines: 735
• Table Games: 23
• Change: Decrease of 2.8%

Hollywood Casino Perryville reported a 2.8% decline in revenue. This casino continues to serve a dedicated customer base, though it faces challenges in a competitive market.

Rocky Gap Casino Resort

• Revenue: $5 million
• Slot Machines: 636
• Table Games: 16
• Change: Decrease of 13.4%

Rocky Gap Casino Resort faced a 13.4% decrease in revenue, highlighting significant difficulties in maintaining profitability in the current market environment.

Comparison with Earlier Revenue Trends

Revenue Trends in Early 2024

In contrast to the July 2024 figures, Maryland casinos reported a total gaming revenue of $159.2 million in February 2024, reflecting a 1.4% increase compared to the same period the previous year. Contributions to the state during February amounted to $67.7 million, with $48.9 million allocated to the Education Trust Fund, marking a 0.5% increase.

Sports Betting Industry Performance

The sports betting industry in Maryland exhibited growth early in 2024, with a 23% increase in total handle in January. This positive trend in sports betting contrasts with the broader declines seen in traditional casino gaming revenues, suggesting shifts in player preferences and market dynamics.

Implications and Future Outlook

Challenges Facing Maryland’s Casino Industry

The decline in casino revenues highlights ongoing challenges within the Maryland gaming sector. Factors contributing to these challenges may include increased competition, changes in consumer behavior, and broader economic conditions. Addressing these issues will be crucial for the industry’s recovery and growth.

Opportunities for Growth

Despite the current decline, there are opportunities for Maryland’s casinos to innovate and adapt. Enhancing gaming experiences, expanding promotional offerings, and exploring new market segments can help drive revenue growth and improve overall performance.

FAQs About Maryland Casino Revenue Report: July 2024 Decline Highlights Challenges for the Industry

1. What was the total casino revenue for Maryland in July 2024?

In July 2024, Maryland’s six casinos generated a total revenue of $169.8 million from slot machines and table games.

2. How does the July 2024 revenue compare to the previous year?

The revenue for July 2024 represents a 2.6% decrease compared to the same month in the previous year.

3. What was the total amount contributed to the state from casino gaming in July 2024?

Casino gaming contributions to the state totaled $72.2 million in July 2024, marking a 1.4% decrease from the previous year.

4. How much did the Education Trust Fund receive from casino contributions in July 2024?

The Education Trust Fund received $52 million in July 2024, which is a 1.4% decrease from the previous year.

5. What were the revenue figures for each casino in Maryland for July 2024?

• MGM National Harbor: $72 million (0.2% decrease)
• Live! Casino & Hotel: $62.6 million (0.3% decrease)
• Horseshoe Casino Baltimore: $13.3 million (16.9% decrease)
• Ocean Downs Casino: $9.6 million (4.6% decrease)
• Hollywood Casino Perryville: $7.3 million (2.8% decrease)
• Rocky Gap Casino Resort: $5 million (13.4% decrease)

6. How does the July 2024 casino revenue compare to earlier in the year?

In February 2024, Maryland casinos reported a total gaming revenue of $159.2 million, which was a 1.4% increase compared to the same month in the previous year.

7. What is the current trend in Maryland’s sports betting industry?

The sports betting industry in Maryland showed growth early in 2024, with a 23% increase in total handle in January.

8. What challenges is Maryland’s casino industry facing?

The casino industry is experiencing challenges such as increased competition, shifts in consumer behavior, and broader economic conditions affecting overall revenue.

9. What strategies might help Maryland’s casinos improve performance?

Strategies that could help include enhancing gaming experiences, expanding promotional offers, leveraging technology, and optimizing game offerings to match evolving player preferences.