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The best remedy for a slow start to the summer? July 4th.
That was certainly the case for Maryland’s land-based casinos, which enjoyed some revenue fireworks this past month with nearly $7 million in growth. Whereas only two of the state’s six casinos had positive numbers in June, the opposite was true in July.
According to the latest data from Maryland Lottery and Gaming, four of six properties posted revenue increases.
Key takeaways
- Online casinos could bring Maryland operators more than $90 million in July.
- Maryland casino revenue rose nearly $7 million in July.
- Year-on-year revenue was down 2.6%.
Developer dooms $800 million in online casino revenue
2024 has been the year of almosts for online casinos in several states, and none more apparent than Maryland. With Maryland’s budget deficit, Sen. Ron Watson proposed an online casino bill that could bring the state around $300 million in tax revenue.
However, a concerted effort by Cordish Cos., the developer behind Maryland Live! Casino ended Watson’s bill. Cordish enlisted the help of two labor unions and leveraged fears that online casinos could harm land-based casinos’ workforce and revenue.
Right or wrong, Cordish’s campaign obliterated any chance the state had at getting an extra $300 million in tax revenue from iGaming. Additionally, casino operators lost out on considerable monthly revenue.
PlayUSA predicts that, based on iGaming and population data from states with iGaming, Maryland online casinos could’ve generated more than $91 million in July:
| State | June online casino revenue | Population (according to 2023 Census Bureau data) | Per-capita revenue |
|---|---|---|---|
| Pennsylvania | $195.6 million | 13 million | $16.65 |
| New Jersey | $186.8 million | 10 million | $19.86 |
| Michigan | $183.2 million | 9.3 million | $20.65 |
| Connecticut | $33.7 million | 3.6 million | $12.86 |
| West Virginia | $18.5 million | 1.8 million | $9.94 |
| Delaware | $5 million | 1 million | $3.90 |
| Rhode Island | $2.3 million | 1.1 million | $2.09 |
| Average | $83.9 million | 5.7 million | $14.72 |
| Maryland (projected) | $91.3 million | 6.2 million | $14.72 |
Despite monthly revenue gain, MD casinos are down 2.6% year-on-year
Good news first: Maryland casinos bounced back from a slow June to hit nearly $170 million in revenue and post a 4.2% monthly gain. The state’s three biggest movers by dollar combined for around $7.5 million in growth:
- MGM National Harbor: $3.8 million
- Live! Casino & Hotel: $2.2 million
- Ocean Downs Casino: $1.5 million
Percentage-wise, Ocean Downs led the way with an 18.3% monthly increase, followed by Rocky Gap Casino (9.7%) and MGM National Harbor (5.6%).
| Casino | July 2024 Revenue | June 2024 Revenue | % Change |
|---|---|---|---|
| MGM National Harbor | $71,983,723 | $68,151,492 | 5.62% |
| Live! Casino & Hotel | $62,562,895 | $60,399,039 | 3.58% |
| Horseshoe Casino Baltimore | $13,317,234 | $14,112,716 | -5.64% |
| Ocean Downs Casino | $9,621,082 | $8,135,862 | 18.26% |
| Hollywood Casino Perryville | $7,297,270 | $7,523,001 | -3.00% |
| Rocky Gap Casino | $5,039,106 | $4,592,322 | 9.73% |
| Totals | $169,821,310 | $162,914,432 | 4.24% |
Though monthly numbers were positive, yearly numbers were not.
The July 2024 revenue report from Maryland Lottery and Gaming showed revenue was down 2.6%, falling from $174.3 million in July 2023 to $169.8 million this past month. Additionally, revenue in this fiscal year (FY 2025) is also down 2.6% compared to the same period in FY 2024.
