BALTIMORE — Maryland’s casino industry experienced a significant downturn in January 2024, with revenues from the state’s six casinos dropping 8.4% compared to last year. The total revenue generated from slot machines and table games was $153,243,316, a decrease of $14,027,082 from January 2023.
This decline in gaming revenue also resulted in lower contributions to the state, totaling $63,154,392, which is a decrease of 10.6% from the previous year. The Education Trust Fund, a primary beneficiary of casino gaming revenues, received $45,649,309, down 11.2% from January 2023. These funds are crucial for supporting various sectors, including local communities where the casinos are located, Maryland’s horse racing industry, and small, minority- and women-owned businesses.
The revenue figures for January 2024 closely mirrored those of January 2022, when gaming revenues reached $153.8 million and contributions to the state were $62.5 million, including $45.5 million to the Education Trust Fund.
Maryland’s six privately owned casinos, MGM National Harbor, Live! Casino & Hotel, Horseshoe Casino Baltimore, Ocean Downs Casino, Hollywood Casino Perryville, and Rocky Gap Casino Resort, all reported decreases in their January revenue. MGM National Harbor led the downturn with an 8.7% decrease, generating $66,041,474. Horseshoe Casino saw a 17.1% drop to $14,570,608. The smallest decline was at Live! Casino & Hotel, with a modest 2.5% reduction to $56,782,092.
The most significant decrease was observed at Rocky Gap Casino, where revenue plummeted by 36.6% to $3,188,456. Hollywood Casino and Ocean Downs Casino also reported declines of 7.5% and 12.9%, respectively.
The gaming industry’s performance is vital for Maryland’s economy, not just for its entertainment but also for its financial contributions to the state and local economies. The January 2024 downturn reflects the sector’s challenges, potentially impacting funding for essential services and initiatives supported by casino revenue.
As the state and its casinos navigate these economic challenges, stakeholders will be keenly watching to see if this downward trend continues or if the industry can bounce back in the coming months. Detailed information on each casino’s gaming revenues and contributions to the State of Maryland, including fiscal and calendar year-to-date totals, can be found online.
