Maryland Casinos Experience Slight Dip in June Revenues

The Horseshoe casino in Baltimore has seen a notable drop in revenue year-over-year, as growth across the state seems to have plateaued. (Image: Patrick Semansky / Associated Press)

Maryland casinos brought in $162.9 million in total revenue in June 2024, a number that was slightly down from the previous year.

The six facilities combined for a little over $800,000 less in revenue than in 2023, for a 0.5 percent decrease year-over-year, according to numbers released by Maryland Lottery and Gaming.

Horseshoe Revenues Continue Decline

Results were mixed for the casinos, with both the two larger resorts and four smaller venues splitting between gains and losses.

MGM National Harbor once again led the way for the state, posting $68.2 million between table games and slots in June. That was down about 1.3 percent from June 2023. MGM’s closest competition, the Live! Casino & Hotel in Arundel Mills, was up 4.2 percent to $60.4 million for the month.

Among the four smaller operations, Horseshow Casino ($14.1) million had the biggest decline, with revenues dropping 11.5 percent, continuing a steady decline the facility has experienced over the past two years. Three of the four smaller casinos saw declines, with Hollywood Casino ($7.5 million) the lone bright spot, increasing its take by 8.2 percent year-over-year.

State’s Share Up Slightly in 2024

The precise tax rates involved meant the state of Maryland did a little better compared to the previous year, with total contributions from the casinos up 0.6 percent to $69.8 million. Beneficiaries include the state’s Education Trust Fund as well as the horse racing industry, the state lottery, local impact grants, and a fund for small, minority-owned, and women-owned businesses.

While Maryland may be a small state, its commercial gaming industry is similar in size to states such as Missouri and Iowa, according to figures from the American Gaming Association. 

While Maryland casinos may not have matched their production from last year in June, there have been bright spots this year. In March, the state’s casinos had their fifth-highest monthly revenues since Maryland opened its first casino in 2010. 

One factor potentially holding back gaming revenues in Maryland is a lack of online gambling in the state. While the Maryland House of Delegates passed a bill that authorized online casino games in February, the state’s Senate didn’t take up the measure before the end of the 2024 legislative session in April. Such a measure has been opposed by many casino workers and some operators, who have expressed fears that iGaming could cannibalize live casino revenues.