Maryland Casino Revenue Declines as Ongoing Struggles Drive a Five Percent Drop in September

Key Highlights: This report provides a comprehensive analysis of the primary drivers behind fluctuating casino revenue, detailing the specific market trends and operational shifts that directly impact bottom-line profitability.

• Maryland casino revenue down for the fourth consecutive month.
• MGM National Harbor and Live! Casino Hotel lead the decline.
• Horseshoe Baltimore shows signs of a comeback.

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Maryland’s casino revenues continue to struggle, as September recorded the fourth straight month of declining gross gaming revenue (GGR). The state’s six casinos reported a total GGR of $151.5 million from their slot machines and live dealer table games, excluding winnings from sports betting.

The current revenue reflects a 5% drop from the same period last year when the six casinos won $159.5 million. This decline is pushing the current fiscal year, which started on July 1, down by 3.1% through the first quarter. The decrease in revenue from video lottery terminals and table games also impacts funding for the Maryland Education Trust Fund, which received $46.8 million, a decline of over $2.7 million compared to September 2024.

Market Leaders Facing Challenges

Maryland’s two leading gaming facilities, MGM National Harbor and Live! Casino Hotel, largely contributed to the downturn. They reported GGRs of $63.1 million (down 5.6%) and $54.9 million (down 7.8%), respectively.

Conversely, Horseshoe Casino Baltimore is on a roll with a 6.7% increase in GGR, reaching $14 million in September. This upward trend comes amidst significant events hosted by the Baltimore Ravens, boosting foot traffic to the casino, including games against the Cleveland Browns and the Detroit Lions.

Horseshoe Baltimore has achieved six consecutive months of year-on-year GGR growth. Caesars Entertainment is actively investing in the region to capitalize on this momentum.

Furthermore, the casino has been attracting top acts, such as Baltimore native Gabby Samone, who performed alongside R&B legend Eric Benet last month. Additionally, NBA star Shaquille O’Neal, who DJs under the name DJ Diesel, hosted a Ravens afterparty, further enhancing the casino’s profile.

Impact on Other Casinos

Maryland also boasts three smaller resort-style casinos, namely Ocean Downs in Berlin, Hollywood Perryville, and Rocky Gap, which are experiencing mixed results:

• Rocky Gap reports GGR growth of 5.1%, amounting to $4.6 million.
• Hollywood sees a 4.6% decrease to $6.3 million.
• Ocean Downs experiences a 3.8% decline to $8.4 million.

Broader Industry Trends

Maryland’s struggles mirror a broader trend affecting casinos across the U.S. In the past year, states like Florida, Iowa, and Ohio have also reported declines in casino revenue. However, while physical gaming revenue sees a slowdown, nationwide GGR continues to rise, largely fuelled by iGaming and mobile sports betting. In 2024, commercial gaming revenue surged to $71.9 billion, marking an 8% increase.

In summary, while Maryland’s casinos are currently facing challenges with declining revenues, the situation is evolving, particularly for Horseshoe Baltimore, which shows resilience and growth potential. Increased investments and entertainment options in these establishments could lead to a brighter future in the competitive gaming landscape.