Maryland’s six brick-and-mortar casinos likely had some new record revenue totals at the top of their wish lists during December and while they didn’t get that, what they did receive was nothing to toss aside like a child might to a gift of a pair of socks.
The casinos in Maryland had their second-best December ever in terms of gaming revenue. That sentence alone doesn’t tell the whole story of how casinos in the state are faring, however.
The rest of the story shows that the casinos barely edged out December 2022 numbers and the fiscal year to date isn’t going so great for the properties.
Maryland casinos rake in over $165.6 million in December
According to the latest revenue release from Maryland Lottery and Gaming, the six casinos in Maryland combined to report over $165.6 million for December 2023, representing a marginal increase from December 2022’s gaming revenue total. As a result, Maryland’s share of that revenue of $70.1 million also saw a small uptick in a year-over-year comparison.
That total of $165.6 million also marks the new runner-up in terms of strongest Decembers for Maryland’s casino industry in terms of gaming revenue. Only December 2021, during which Maryland casinos reported nearly $173 million in revenue, stands above December 2023.
That’s about where the good gifts run out and the casinos get into White Elephant territory, though. None of the six casinos individually showed a significant year-over-year increase. Half of them reported an annual downturn. Horseshoe Casino and Rocky Gap Casino saw statistically significant declines at 9.6% and 8.2% respectively.
The mood for Maryland’s casinos becomes even less festive when you take December’s numbers in a greater context.
Maryland casinos under the weather for the fiscal year
Taking the current fiscal year as a whole into view, Maryland’s casinos could use the assistance of a certain Rangifer tarandus with a glowing red nose to lead them out of a less-than-desirable situation. From July through December of 2023, gaming revenue is down 7.4% compared to those same months in 2022.
Most of that decline is due to performance at the gaming tables. Relative to the first half of FY2022-23, revenue from table games for the current fiscal year is down 17%. Slot revenue is also down but by a tiny margin.
Looking at each of the six casinos individually for the fiscal year through December, there’s again a wide divide between one group and another. While none of the casinos in Maryland are up for the FYTD compared to the previous period, half of them are down only slightly.
The other half is seeing significant gaming revenue declines so far, however.
- Horseshoe down 12.6%
- MGM National Harbor down 13.1%
- Rocky Gap down 6.8%
To reach their final FY2022-23 numbers, these three properties will need to have a much stronger close to the winter. Record revenue totals in January and February now probably top their wish lists.