Maryland Casino Revenue Plummets 25% – Here’s Why

In October, Maryland’s six casinos saw a decrease in revenue from slot machines and table games, bringing in a total of $159.8 million. This marks a 24.9% drop from revenue generated in October 2022. However, this decline should be viewed in the context of last October, when casinos experienced unusually high volume and set a single-month revenue record.

Despite the drop in revenue, it’s worth noting that Maryland casinos had their second-best month for gaming revenue in July 2022, generating $181.5 million. Additionally, compared to September, the gaming revenue for October remained relatively unchanged.

The impact of this decline was felt most sharply at MGM National Harbor, where gaming revenue dropped by 41.5% from last October to $67.3 million. Live! Casino & Hotel, the state’s second-largest casino, also saw a decrease of 3.1% in gaming revenue, bringing in $57.8 million. Similarly, Baltimore’s Horseshoe Casino experienced a 14.7% decrease, with $14.9 million in gaming revenue.

The state’s three smaller casinos, Ocean Downs, Hollywood Casino, and Rocky Gap, also reported year-over-year declines in October, ranging from about 3% to 11%.

Of the total gaming revenue for October, $67.3 million was collected by the state, with the majority of these funds going to Maryland’s Education Trust Fund.

Monthly and year-to-date casino gaming revenue, as well as contributions to state programs, are posted by the Maryland Lottery and Gaming online.

While the year-over-year comparison may suggest a significant decline, it’s important to consider the unique circumstances of last October. Additionally, the steadiness of gaming revenue compared to September indicates a level of stability in the industry despite the overall decrease in October.