Despite a brief bounce-back in December, Maryland casino revenue has been slipping in recent months.
January was no different.
Maryland casinos generated $153.2 million of adjusted gross revenue in the first month of 2024, which was more in line with revenue from two years ago, not last month or last year.
While there’s a decline in brick-and-mortar casino gaming revenue, some lawmakers are taking a closer look at adding Maryland online casinos. The addition could bolster bolster the industry and boost tax contributions.
Sen. Ron Watson filed a bill last month. But before online casinos are legal, it needs to pass the legislature. Then, voters must approve it in November. For now, brick-and-mortar is the only option in the Old Line State.
MGM National Harbor retains its title as most popular casino in Maryland
Maryland has six commercial casinos, but two stand above the rest: MGM National Harbor and Live! Casino and Hotel. Both casinos are considered among the top-five casino operations outside of Nevada.
According to a report from the Maryland Lottery and Gaming Control Agency, those two properties also led the state in casino revenue by a wide margin to kick off 2024. On the other hand, all six casinos saw a drop in revenue year-over-year.
With $66.1 million of adjusted gross revenue, MGM National Harbor took the top prize for January. It was 7.1% lower month over month compared to December’s $70.8 million. January revenue was also 9.4% lower than January 2023’s $72.3 million.
MGM’s revenue came from its 2,265 slot machines and 207 table games. The casino accumulated $37.3 million of revenue from its slot machines and $28.8 million came from table games.
Live! Casino racked up $56.8 million AGR. That was 6.3% lower than December and 2.5% lower year over year.
Live! generated $37.7 million of its monthly revenue from its 3,835 slot machines. Its 179 table games led to $19.1 million AGR.
The distant third-place finisher was Horseshoe Casino, which accumulated $14.6 million AGR from its 1,385 slot machines and 115 table games. January revenue for Horseshoe was down 4% month over month and 17.1% lower year over year.
Here are all six casinos ranked by total revenue in January:
- MGM National Harbor: $66.1 million
- Live! Casino and Hotel: $56.8 million
- Horseshoe Casino: $14.6 million
- Hollywood Casino: $6.6 million
- Ocean Downs Casino: $6.1 million
- Rocky Gap Casino: $3.2 million
January casino revenue breakdown
| Casino | Slot Revenue | Table Games Revenue | Total |
|---|---|---|---|
| MGM National Harbor | $37,288,684 | $28,752,789 | $66,041,474 |
| Live! Hotel & Casino | $37,733,841 | $19,048,250 | $56,782,092 |
| Horseshoe Baltimore | $9,512,032 | $5,058,575 | $14,570,608 |
| Hollywood Casino Perryville | $5,484,460 | $1,070,890 | $6,555,351 |
| Ocean Downs Casino | $5,344,723 | $760,611 | $6,105,335 |
| Rocky Gap Resort Casino | $2,934,004 | $254,451 | $3,188,456 |
| Statewide Totals | $98,297,747 | $54,945,568 | $153,243,316 |
Tax contributions from casino gaming in January fell nearly 12% YoY
Accumulating $63.2 million of tax dollars from casino gaming in a single month is no small number, but it is lower than expectations.
Tax contributions in January were 11.9% lower than January 2023’s $70.7 million. The taxes paid in the first month of 2024 were also 11% lower month over month compared to December, when $70.2 million were paid in taxes.
MGM contributed about $26.7 million to the state in taxes in January. Live! paid $23.1 million.
Horseshoe paid $6 million in January taxes.
Most tax dollars received from casino gambling help bolster the Education Trust Fund. In January, the total amount contributed to education was $45.6 million. That left $17.6 million of funds to be used for Maryland’s horse racing industry, businesses owned by minorities and women, small businesses and the communities that house the six casinos.
