State regulators reported more growth in the gambling market Monday as the February Maryland casino revenue was nearly $163 million.
According to the numbers released by the Maryland Lottery and Gaming Commission, February’s figures represented a 26.4% year-over-year increase. Additionally, it’s a month-over-month jump from the $153.8 million the state’s six casinos won in January.
Historical trend indicates continued growth in March
Since its inception in 2012, the Maryland casino market typically peaks in the middle of the year. Subsequently, it will hold those relative highs through the end of the year before a dip at the start of the following year before reclaiming new highs.
There was an outlier in 2020 from pandemic-induced shutdowns, but in 2018, the industry set revenue records in March, May and October. In 2019, set another record in March before 2021 saw records in March, May and July.
July 2021’s $180.1 million gross gaming revenue is the current benchmark. Aside from 2020, March set records in most recent years.
With the launch of Maryland sports betting last December, there’s a high likelihood it happens again in 2022.
There still isn’t a timeline for when mobile and online sports betting will come to Maryland. As a result, sports bettors will be forced to head to one of the five brick-and-mortar sportsbooks at the casinos.
Since March Madness is one of the most heavily bet on sporting events of the year, increased casino foot traffic is a near certainty. More gamblers in casinos should result in more betting, which ultimately ends with larger revenue reports.
February Maryland casino revenue breakdown
|Casino||Slot Win||Table Games Win||Total|
|MGM National Harbor||$37.9 Million||$28 Million||$65.8 Million|
|Live! Casino & Hotel Maryland||$41.3 Million||$18.1 Million||$59.4 Million|
|Horseshoe Casino Baltimore||$10.8 Million||$6.9 Million||$17.7 Million|
|Hollywood Casino Perryville||$6.7 Million||$1.2 Million||$7.9 Million|
|Ocean Downs Casino||$5.9 Million||$611,000||$6.6 Million|
|Rocky Gap Casino Resort||$5 Million||$537,000||$5.5 Million|
|Total||$107.6 Million||$55.3 Million||$162.9 Million|
Every casino reported year-over-year gains, but the state’s highest-grossing property experienced a small month-over-month decline. After winning $67 million in January, MGM National Harbor won $65.8 million in February.
MGM’s slot revenue jumped from $34.9 million to 37.9 million, but there was a dip in table game revenue that led to the overall drop.
On the other hand, Live! Casino & Hotel, Horseshoe Casino Baltimore, Hollywood Casino Perryville, Ocean Downs and Rocky Gap Casino Resort all saw increases both year-over-year and month-over-month.
MGM has been the highest-grossing casino in the state for the last several years, but Live! is consistently at the top of the slot revenue list. However, there is a stark difference between table game and slot revenue, which ends up giving MGM the edge in revenue.
Live! Casino had the largest year-over-year revenue increase of all six properties. The Cordish Co.-owned property jumped 32.2% from February 2021.
Ocean Downs Casino was on the other end of the spectrum. The Berlin-based property reported $6.6 million in winnings, which is good for just a 13.6% gain from February.
These figures do not reflect sports betting revenue. Regulators should release those numbers later this week. Rocky Gap Casino is the only one of the six casinos without a sportsbook.