Maryland Casinos Experience Revenue Decline in January 2024
Maryland’s six casinos reported a total gaming revenue of $153.2 million in January 2024, marking an 8.4% decrease from the $167.3 million recorded in January 2023. This downturn in revenue has also led to a reduction in contributions to the state, including a notable decrease in funds allocated to the Education Trust Fund.
Impact on State Contributions
The state received $63.2 million from casino gaming revenues in January 2024, which is a 10.6% decrease from the previous year. The Education Trust Fund, a significant beneficiary of casino gaming revenues, saw an 11.2% decrease in contributions, receiving $45.6 million compared to $51.4 million in January 2023.
Casino Performance Overview
Among the six privately owned casinos in Maryland, MGM National Harbor and Live! Casino & Hotel remained the top performers despite experiencing declines in revenue compared to January 2023. Horseshoe Casino Baltimore faced a big drop at 17.1%, with Rocky Gap Casino Resort following with a 36.6% decrease.
- MGM National Harbor: Generated $66 million in January 2024, down 8.7% from January 2023.
- Live! Casino & Hotel: Reported $56.8 million in revenue, a 2.5% decrease from the previous year.
- Horseshoe Casino: Revenue totaled $14.6 million, down 17.1%.
- Hollywood Casino Perryville: Saw a 7.5% decrease with $6.6 million in revenue.
- Ocean Downs Casino: Reported a 12.9% decrease with $6.1 million in revenue.
- Rocky Gap Casino Resort: Experienced the most substantial decline at 36.6%, generating $3.2 million.
Comparisons and Trends
The January 2024 figures are comparable to those of January 2022, indicating a stabilization in gaming revenues and state contributions over a two-year period. The casinos continue to support various sectors, including local communities, Maryland’s horse racing industry, and small, minority- and women-owned businesses, despite the recent downturn.
The Maryland casino industry’s recent performance highlights the challenges and fluctuations within the gaming sector. As the state and the casinos navigate these changes, they remain vital contributors to Maryland’s economy and beneficiaries like the Education Trust Fund.
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