In January 2024, Maryland’s six casinos reported a total revenue of $153.2 million, which marked an 8.4% decrease compared to the same period in the previous year. This decline in revenue also resulted in lower contributions to the state.

MGM National Harbor emerged as the top-performing casino with revenue of $66 million, representing an 8.7% decrease from the previous year. Live! Casino & Hotel, with approximately 4,000 slot machines, reported revenue of $56.8 million, a slight 2.5% decline from January 2023. Horseshoe Casino rounded up the top three with $14.6 million in revenue, reflecting a 17.1% year-on-year decrease.

The other three casinos also experienced a drop in revenue. Hollywood Casino’s revenue stood at $6.5 million, reflecting a 7.5% decrease from the previous year, while Ocean Downs Casino saw a 12.9% decline, reporting revenue of $6.1 million. Rocky Gap Casino experienced the biggest decline, with revenue plummeting by 36.6% to $3.18 million.

Despite the decline in revenue, Maryland’s casinos contributed $63.1 million to the state in January 2024. This marked a 10.6% decrease compared to the previous year. The majority of the contributions, $45.6 million, went to the Education Trust Fund, which was $5.7 million less than the previous year. Contributions to communities, jurisdictions, the racing industry, and small businesses were also smaller.

In response to the decline in revenue, Maryland lawmakers are considering the legalization of iGaming in the state. A proposed bill aims to allow the state’s six casino operators to partner with up to two online gambling platforms, potentially generating more revenue for the state and creating new job opportunities.

Overall, the January 2024 results were similar to those from January 2022, with revenue totaling $153.8 million and contributing $62.5 million to the state. As Maryland seeks to navigate the challenges of a changing gambling industry, the potential legalization of iGaming could offer new opportunities for economic growth and revenue generation.

By admin