MD Casinos Stick With Trend; January Casino Revenue Nearly $154 Million

Maryland casinos generated $153.8 million of gross gaming revenue in January, according to numbers released by state gaming regulators Monday.

Those figures represent a 19.4% year-over-year increase from the $128.8 million won in January 2021.

January 2022 casino revenue breakdown

Slot machine revenue made up most of the state’s total revenue. Casinos racked up $95.6 million in slot machine earnings and added another $58.1 million from table games revenue.

These numbers mimic consumer behavior in other markets. As a result, slot machine revenue will be the driving force behind the monthly numbers.

Here is the full breakdown of MD’s January 2022 casino revenue:

*Ocean Downs Casino reported no table game revenue for January 2022 due to a prior accounting discrepancy that was offset with January 2022 table game revenues.

MGM National Harbor was Maryland’s highest-grossing casino yet again with $67.1 million in winnings. Since its opening in 2016, it consistently held that title, overtaking Live! Casino and Hotel.

Live! Casino & Hotel outperformed MGM National Harbor in slot revenue. However, the big difference in table game earnings put MGM at the top of the list. Similarly, the same pattern happened in December 2021 as well.

MGM, Live!, Horseshoe Casino Baltimore and Rocky Gap Casino all experienced year-over-year increases.

On the other hand, Hollywood Casino Perryville and Ocean Downs Casino reported year-over-declines.

However, Ocean Downs’ 12.3% decline was a bit overstated. The property didn’t report any table games earnings to repair an accounting discrepancy from a previous period. With a goose egg in the table games column, it’s not an accurate depiction of the property’s performance.

January dip falls in line with the historical trend

The January results are a sizable year-over-year increase. On a monthly basis, the numbers are down from December’s revenue report.

Furthermore, it is below levels sustained throughout 2021.

January 2022’s numbers only outperformed January and February of last year. Maryland’s six casinos won $169.2 million in March 2021 and only dipped below the $160 million mark once for the rest of the year.

These results come after a strong December when those properties had their third-best month ever with $172.9 million. In a vacuum, the nearly $20 million dip could cause concern. But it is a part of a larger trend in Maryland gaming.

Historically, January has been one of the slower months for the industry before trending upwards the rest of the year. The pandemic makes 2020 stats an outlier, but the trend dates back further than that.

In December 2018, casinos won $148.4 million before dipping to $137 million during the first month of 2019. However, just two months later, the state set a then-record when casinos reported $163.3 million in March 2019.

That record held for exactly two years before it was broken with a $169.2 million-month in March 2021. It was broken again in May and most recently in July when operators netted $180.1 million.

However, the pattern stays intact going back even further.

In December 2017, gross gaming revenue was $141 million. The number fell to $127.8 million in January 2018. The industry went on to set revenue records in March, May and October of 2018.

January marked the first full month of sports betting in Maryland with five of the state’s six casinos accepting sports bets. Regulators will release those numbers later this week and will likely serve as a catalyst for higher levels of casino revenue moving forward.

Rocky Gap Casino is the only Maryland operator without a retail sportsbook.