Maryland’s casino industry was greeted with news of a slight drop in gaming revenue for January 2025, with figures dropping 0.9% year-over-year to $151.8 million. Despite the hit to Maryland casino revenue, there was positive news elsewhere.
State contributions from casino gaming gained 0.8% to $63.7 million, with the Education Trust Fund largely benefiting from this. MGM National Harbor recorded revenue growth, although many other casinos recorded declines. While these developments followed on from late 2024, there’s hope that the rest of 2025 will bring better results.
The six privately-owned casinos in Maryland offer slot gaming and table games. These six casinos, all operated by the Maryland Lottery and Gaming Commission, are:
Like all online sportsbooks operating in Maryland, the Maryland casino industry is subjected to specific regulatory oversight that accounts for the revenue they generate.
The revenues accrued by these casinos on behalf of the state’s regulatory agencies are returned to the state to support its communities and jurisdictions. Maryland’s horse racing industry and small or minority businesses also benefit from this revenue.
This is why Maryland’s regulatory agencies have increased surveillance of their six regulated casinos and their financial activities. The financial performance of legal casinos over different review periods has far-reaching consequences for the state.
It was a story of mixed fortunes as the casinos posted their year-end fiscal figures. MGM National Harbor retained its spot at the top of Maryland’s highest-grossing casinos, generating $67.6 million in January. This was a 2.3% gain from last year, spelling a positive growth trend for the casino. However, the other leading casinos faced a different type of fate.
Live Casino & Hotel reported $55.1 million in revenue, a 2.9% drop that followed right on from its 2.4% drop in December – indicating a downward trend. For Ocean Downs Casino, it was the case of a revenue decline by 6.4% to $5.7 million.
These figures showed a reversal of its 0.8% revenue growth in December 2024. Horseshoe Casino Baltimore reported the steepest percentage dip as its revenue dropped 7.9% to $ 13.4 million. Again, this followed a 12.9% decline in December, slightly nudging the casino into dire straits territory.
In more positive news, Hollywood Casino Perryville posted modest growth of 1.0%, reaching $6.6 million. Meanwhile, Rocky Gap Casino Resort rose 3.8% to $3.3 million for the strongest percentage gain of the remaining casinos.
While the fiscal year 2024 witnessed stable growth overall, two consecutive revenue declines were the story for December 2024 and January 2025. All six casinos regulated by the Maryland Lottery and Gaming Commission were reported to have generated $151.8 million in January. This report showed a slight 0.9% decrease compared to January 2024.
The industry posted similar percentage drops in December 2024, amounting to $164.1 million. It is yet to be seen if these fluctuations lend themselves to a bigger narrative for the casino gaming industry. Meanwhile, MGM National Harbor’s performance remained strong, as casinos like Horseshoe Casino faltered, leaving the state’s coffers with mixed fortunes.
Despite this development, Maryland’s State gaming contributions were left untouched by the minor revenue drop. In fact, the contributions rose by 0.8% to $63.7 million. The Education Trust Fund got $46 million from that amount, translating into a 0.7% rise. Local jurisdictions, Maryland’s horse racing industry, and minority businesses benefited from a share of Maryland casino revenue.
As consumer spending patterns and seasonal trends continue to impact gaming activities across the state, Maryland’s casino revenue may keep facing volatility. Although state contributions have remained largely unaffected by these fluctuations, a prolonged decline in casino revenues may produce harsh consequences with time.
Other factors like regulatory changes and shifts in player preferences will affect the Maryland casino market in 2025. All eyes will be on February’s results to check if the tide will swing in favor of the industry’s players, or if the downturn is truly here to stay.
