Maryland Casino Revenue Bounces Back In March, Totals $176.5 Million

Written By Hill Kerby on April 6, 2023
Maryland casino revenue grows in March

Maryland casinos appear to be through the winter, literally and figuratively.

According to data from Maryland Lottery and Gaming, the state’s six brick-and-mortar casinos generated $176.5 million in gaming revenue, Maryland casinosfifth-best month in history.

Totals increased across the board, with March gaming revenue up nearly $6 million (3.5%) year-over-year ($170.6 million). Casinos also righted the ship with 12.4% month-over-month growth after a down month in February ($157 million).

State contributions grew commensurate with revenue, totaling $74.5 million (+3.6% YoY) for the month. Of that amount, $54.2 million (+3.5% YoY) went to the state’s Education Trust Fund.

MGM National Harbor and Live! lead the pack

While overall revenue improved in March 2023, only three casinos had better months than a year ago. Two of them were MGM National Harbor and Live! Casino & Hotel, the two largest casinos by a significant margin. 

MGM’s $72.6 million in revenue was the best in the state, as was its $4.8 million (7.1%) YoY gain. Live! Recorded $64.4 million in revenue, up $2.3 million (3.8%) YoY.

The third casino was Ocean Downs, which reported $8 million in revenue, up $314K (+4.1%) YoY. These numbers were good for fourth in the state, surpassing Hollywood as a result of its successes and Hollywood’s declines. 

Still, neither was close to Horseshoe Casino Baltimore, which maintained third place uncontested:

  • Horseshoe: $18.1 million in revenue (-4.3% YoY)
  • Hollywood: $7.97 million in revenue (-7.2% YoY)
  • Rocky Gap: $5.4 million in revenue (-4.7% YoY)

Are more big months ahead for Maryland casinos?

Through March 2023, Maryland casinos have surpassed $170 million in monthly revenue nine times. Four months came in a five-month span last year, between March and July, a trend that casinos hope continues through this summer.

  • October 2022: $212.9 million
  • July 2022: $181.5 million
  • July 2021: $180.1 million
  • May 2022: $178.8 million
  • March 2023: $176.5 million
  • December 2021: $172.9 million
  • May 2021: $172.4 million
  • April 2022: $170.7 million
  • March 2022: $170.6 million

FY 2023 on pace for $2 billion in revenue

Casino gaming revenue totals $1.55 billion through the first nine months of Fiscal Year 2023, up nearly $63 million (+4.2%) from 2022.

FY 2022 revenue surpassed $2 billion for the first time, setting the record at $2,001,780,232. To break that in FY 2023, casinos need to average $150 million a month through June.

Based on current and past results, FY 2023 will end with around $2.06 billion, setting a new record to begin chasing in the summer.

Photo by Shutterstock
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Hill Kerby

Hill Kerby is a proponent of legal, safe, and responsible gambling. He feels fortunate to be able to contribute to the growing betting industry through his writing, primarily using his background in poker, sports, and psychology to do so.

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