Maryland casinos experienced an April full of showers.
The Old Line State’s casinos reported $163.2 million in revenue in April, down 8.4% from March’s $178.1 million. More concerning, revenue fell 6.6% year-over-year after casinos combined for $174.7 million in April 2023.
April broke a two-month trend of month-over-month and year-over-year casino revenue increases. However, most months have produced declines in one or both categories throughout Fiscal Year 2024. Fiscal year-to-date revenue is down by 5.8%.
Casino gaming contributions declined, too. State contributions were $69.8 million (3.6% year-over-year decrease), and contributions to the Education Trust Fund totaled $50.4 million (4.3% year-over-year decrease).
A Giant Step Back
Maryland has six commercial casinos. At the start of the 2024 legislative session, several lawmakers were behind Maryland online casino legalization. However, their efforts stalled, and Marylanders for at least two years.
April’s casino numbers were also down compared to 2022 and barely surpassed April 2021.
- April 2024: $163.2 million
- April 2023: $174.7 million
- April 2022: $170.7 million
- April 2021: $162.1 million
Through 10 months of FY 2024 (July 1, 2023, through June 30, 2024), only three months saw year-over-year revenue gains (December, February, and March). Fiscal year-to-date revenue is down by $100 million.
Casinos have generated $1.63 billion in fiscal year 2024 compared to $1.73 billion a year ago and $1.66 billion in FY 2022. The last time revenue was around these levels was during FY 2021, when casinos were still recovering from the COVID-19 pandemic.
FY 2021 was also the last time Maryland casinos posted revenue totals below $2 billion. Maryland casinos almost certainly won’t hit that mark in FY 2024.
Maryland Casino Revenue FY 2021 to Present
| Year | Revenue Through April | Total Revenue |
|---|---|---|
| FY 2021 | $1.41 billion | $1.74 billion |
| FY 2022 | $1.66 billion | $2 billion |
| FY 2023 | $1.73 billion | $2.06 billion |
| FY 2024 | $1.63 billion | TBD |
These data suggest that the retail casino industry in Maryland has stagnated. On the other hand, sports betting continues to thrive, indicating that Marylanders still enjoy gambling.
MGM National Harbor on Top Again in April
Maryland’s six casinos have produced a predictable pecking order over the last five months. MGM National Harbor routinely leads the state in revenue and did so once more in April ($68.1 million; -9.8%), thanks to its edge over Live! Casino and Hotel in table games. Live! ($60.8 million; -1.9%) led the state in slot revenue but finished second overall.
Nobody else was close to the top two. Horseshoe Casino Baltimore ($14.7 million; -10.8%) posted less than 25% of Live!’s revenue and was the next-closest casino. It was also the only remaining casino on the list to break $10 million in revenue in April.
Hollywood Casino finished fourth with $7.9 million, up 6%. It was the only casino with year-over-year revenue gains and overtook Ocean Downs Casino ($7.3 million; -7.6%) in monthly revenue from a year ago.
Rocky Gap Casino rounded off the list with $4.3 million in revenue. It was hit the hardest, down 20.6%.
Maryland Casino Revenue in April
| Casino | Slot Revenue | Table Game Revenue | Total |
|---|---|---|---|
| MGM National Harbor | $41,860,466 | $26,225,739 | $68,086,20 |
| Live! Casino & Hotel | $43,674,980 | $17,192,451 | $60,867,431 |
| Horseshoe Baltimore | $9,945,260 | $4,729,257 | $14,674,517 |
| Hollywood Casino Perryville | $6,761,555 | $1,168,512 | $7,930,067 |
| Ocean Downs Casino | $6,549,319 | $771,267 | $7,320,586 |
| Rocky Gap Resort Casino | $3,909,426 | $362,443 | $4,271,869 |
| Statewide Totals | $112,701,006 | $50,449,669 | $163,150,675 |
Online Casinos Coming in 2026 at the Earliest
Online casinos appear to be taking a similar path – let’s call it “the scenic route” – as Maryland sports betting did. Maryland online sportsbooks did not launch until November 2023, two-plus years after many other states began accepting wagers.
The 2024 legislative session brought hope for a different result that would make Maryland one of the first seven states in the nation to legalize online casinos. An online casino bill, House Bill 1319, passed through the House in April but stalled in the Senate Taxes Committee.
As a result, Marylanders will not get a chance to vote on whether to legalize iGaming this November. Sen. Ron Watson, an online casino proponent, said the earliest date to vote on Maryland online casinos would be during the next general election in November 2026.
