Maryland Casino Activity Softens in April
In April 2024, Maryland's six casinos collectively generated a substantial $163.2 million in state revenue from their slot machines and table games. This figure, while impressive, marks a slight decrease of 6.6% from the previous year's revenue in April 2023.
The Live! Casino & Hotel in Hanover, MD, at night. (Source: Live! Casino & Hotel)
LISTEN TO THIS ARTICLE:The largest contributor to this sum was MGM National Harbor, which brought in $68.1 million, despite experiencing a 9.8% drop from the previous year. Live! Casino & Hotel followed with $60.9 million, down 1.9% from 2023. Horseshoe Casino Baltimore saw a more significant decline of 10.8%, contributing $14.7 million to the state's revenue.
Related: Maryland Casino Revenue Registers Small Uptick in MarchHollywood Casino Perryville was the only establishment to report growth, with a 6% increase in revenue amounting to $7.9 million. On the other hand, Ocean Downs Casino's revenue decreased by 7.6%, totaling $7.3 million. The most substantial decline was observed at Rocky Gap Casino, which faced a 20.6% reduction, ending the month with $4.3 million in revenue. These fluctuations in revenue are reflective of the dynamic nature of the gaming industry and the various factors that can influence casino performance.
Each casino's individual performance is indicative of the competitive landscape within Maryland's gaming sector. MGM National Harbor, with its 2,275 slot machines and 207 table games, remains the heavyweight, even with its revenue dip. Live! Casino & Hotel's extensive array of 3,857 slot machines and 179 table games ensures its position as a close second in terms of revenue generation. Horseshoe Casino, despite its smaller size of 1,340 slot machines and 115 table games, continues to be a key player in the Baltimore area.
Hollywood Casino Perryville's growth is particularly noteworthy, as it suggests an ability to attract and retain patrons effectively, possibly due to its 711 slot machines and 23 table games. Ocean Downs Casino and Rocky Gap Casino, while smaller in scale with 857 and 627 slot machines, respectively, and 19 and 16 table games each, demonstrate the challenges faced by mid-sized casinos in maintaining revenue streams.
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Maryland Programs Lose Funds
The state's total gaming contributions from these casinos amounted to nearly $69.8 million, which is a decrease of $2.6 million from April 2023. The Education Trust Fund, a significant beneficiary of the casino revenue, received $50.3 million, marking a decrease of approximately $2.3 million from the previous year.
The slight decrease in revenue from Maryland casinos in April 2024 can be attributed to a complex interplay of factors. Economic trends, such as inflation or shifts in disposable income, have impacted consumer spending habits, leading to reduced frequency or amounts wagered at casinos.
Additionally, the gaming industry is constantly experiencing fluctuations due to seasonal changes; April likely experienced different patronage patterns compared to other months. Regulatory changes or increased competition from neighboring states with gambling facilities might also be diverting potential revenue.
Despite the overall decline, the casinos' contributions continue to support vital state programs, including the communities and jurisdictions where the casinos are located, Maryland’s horse racing industry, and small, minority- and women-owned businesses.
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