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Maryland’s six casinos put a slow July behind them, bouncing back with more than $173 million in revenue in August, up 2.4% over the previous month.
August’s revenue total was the second highest so far in 2024.
Key takeaways
- Maryland casinos are missing out on $100 million in iGaming revenue
- The state’s casinos took in $173.9 million in August.
- MD online casino legislation likely won’t be revisited in 2025.
$300M annual revenue missing from legal MD online casinos
Only seven casino markets in the country have online casinos; Maryland isn’t one of them. Lawmakers nationally have been slow to adopt online casinos, much slower than they are to online sports betting.
Some of that hesitation stems from the money casinos can make running online slots and table games. iGaming regularly generates more than $550 million in revenue in the seven states where it’s legal.
That figure could cause land-based casino operators to worry that launching online casinos could cut into their revenue.
Additionally, online slots (iGaming’s cornerstone revenue source) don’t require any previous knowledge to play. For sports betting, players need some knowledge of bet types to make an informed wager on sports.
Maryland online casinos aren’t facing pressure only from lawmakers, though. Influential casino developer Cordish Cos. organized a strong campaign that eventually killed an MD online casino bill proposed earlier this year.
Maryland online casinos likely won’t make another push until 2026 as advocates lick their wounds from their battle with Cordish and find a new strategy.
Until that renewed push arrives, casino operators continue to lose out on hundreds of millions in iGaming revenue. PlayUSA predicts that, based on Census Bureau population data and available online casino revenue reports from July, Maryland online casinos could’ve generated more than $100 million in July:
| State | July online casino revenue | Population | Per-capita revenue |
|---|---|---|---|
| Pennsylvania | $215.3 million | 13 million | $16.56 |
| New Jersey | $195.4 million | 9.3 million | $21.01 |
| Michigan | $191.4 million | 10 million | $19.14 |
| Connecticut | $35.7 million | 3.6 million | $9.92 |
| West Virginia | $14.4 million | 1.8 million | $8.00 |
| Delaware | $5.2 million | 1 million | $5.20 |
| Average | $109.6 million | 6.5 million | $16.86 |
| Maryland (projected) | $104.5 million | 6.2 million | $16.86 |
MGM and Horseshoe Casino led the way with $4.1M in growth
Maryland’s casino industry has six brick-and-mortar properties. Those six casinos are in three distinct revenue tiers:
- Tier 1: MGM National Harbor and Live! Casino & Hotel ($50 million/month or more)
- Tier 2: Horseshoe Casino (typically $13 million/ to $20 million/month)
- Tier 3: Ocean Downs Casino, Hollywood Casino Perryville, Rocky Gap Casino (typically under $13 million/month)
Typically, monthly casino numbers follow the ups and downs of the top two casino tiers; that’s exactly how August played out.
MGM and Horseshoe combined for more than $4 million in growth this past month, negating marginal losses from Live! and Rocky Gap. Overall, monthly gaming revenue increased $4.1 million from July 2024 to August, good for a 2.4% increase.
| Casino | August 2024 revenue | July 2024 revenue | $ change | % change |
|---|---|---|---|---|
| MGM National Harbor | $75,008,793 | $71,983,723 | $3,025,070 | 4.20% |
| Live! Casino & Hotel | $61,875,902 | $62,562,895 | -$686,993 | -1.10% |
| Horseshoe Casino Baltimore | $14,427,383 | $13,317,234 | $1,110,149 | 8.34% |
| Ocean Downs Casino | $9,884,650 | $9,621,082 | $263,568 | 2.74% |
| Hollywood Casino Perryville | $7,721,754 | $7,297,270 | $424,484 | 5.82% |
| Rocky Gap Casino | $5,006,035 | $5,039,106 | -$33,071 | -0.66% |
| Totals | $173,924,516 | $169,821,310 | $4,103,206 | 2.42% |
Reviewing August 2024 revenue data from Maryland Lottery and Gaming, the revenue total was the second highest this year. It was just ahead of May’s $173.1 million and around $4.2 million behind March’s $178.1 million.
Year-on-year, revenue was up 7.8%. Year-to-date revenue for the fiscal year is up 2.4%.
