The days start to get noticeably longer in February as we pass the midway point of winter and look ahead to the spring.
Much the same, Maryland casinos bounced back from a down January and are looking to spring forward into the warmer months of the year. They generated $159.2 million in February revenue, up 1.4% year-over-year from $157.1 million and 3.9% from last month’s $153.2 million.
As a result, Maryland’s six casinos contributed $67.8 million to the state and another $48.9 million to the Education Trust Fund. State contributions include support for local communities near casinos, small, minority- and women-owned businesses, and Maryland’s horse racing industry.
MGM National Harbor on top once again
While Maryland online casinos look to gain legislative traction in 2024, MGM National Harbor continues to dominate the retail arena. It generated the most revenue of all casinos in February, with $66.8 million.
MGM’s revenue was 16% greater than its next-closest competitor, Live! Casino and Hotel, which reported $59.3 million. Both casinos showed year-over-year gains.
The remaining four casinos failed to come close to the top two. Their combined revenue was barely over half of Live!’s, and only one had a year-over-year increase.
- MGM National Harbor: $66.8 million (+1.9%)
- Live! Casino and Hotel: $59.3 million (+6.5%)
- Horseshoe Casino: $15 million (-8.2%)
- Hollywood Casino: $7.4 million (+1.4%)
- Ocean Downs Casino: $6.4 million (-7%)
- Rocky Gap Casino: $4.3 million (-18.6%)
Live! slot machines collect the most revenue in February
Slot machines accounted for over two-thirds of Maryland casino revenue in February, totaling $109.2 million. Live! edged out MGM National Harbor in slot revenue, but the latter’s table game revenue more than made up for the deficit.
Maryland casino revenue from slot machines in February:
- Live! Casino and Hotel: $43.7 million
- MGM National Harbor: $39.6 million
- Horseshoe Casino: $10 million
- Hollywood Casino: $6.3 million
- Ocean Downs Casino: $5.6 million
- Rocky Gap Casino: $4 million
Table games made up the remaining $50 million. MGM, which has 207 table games, did most of the heavy lifting.
- MGM National Harbor: $27.2 million
- Live! Casino and Hotel: $15.7 million
- Horseshoe Casino: $5 million
- Hollywood Casino: $1.1 million
- Ocean Downs Casino: $723,000
- Rocky Gap Casino: $334,000
It looks like $150 million is the floor for Maryland casinos
February’s totals comprise three consecutive years of Maryland casino revenue surpassing $150 million. The last time casinos failed to break that mark was in February 2021, when they reported $126.2 million.
A month later, in 2021, casinos set a then-record of $169.2 million in revenue and haven’t looked back. Since then, they have beaten that number 11 times and eclipsed $180 million thrice. The monthly record came in October 2022, a massive $212.9 million.
That said, the record has stood for well over a year, and numbers have stabilized over the past year. Numbers since March 2023:
- Total revenue: $1.97 billion
- High month: $176.5 million (March)
- Low month: $153.2 million (January)
- Average month: $164.2 million
Even if Maryland casinos do not reach $200 million in any month this year, they can raise the $150 million floor and break $2 billion in 2024 revenue.
Of course, those numbers will increase significantly if online casino legislation passes later this year. A November 2023 study estimated that Maryland online casinos would add more than $900 million in annual revenue once the industry matures. If iGaming is launched by 2026, the study estimates a mature industry by 2029.
