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 casinos’ fifth-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.