The casino business appears to be booming in the Old Line State. Maryland’s six casinos had a strong performance in May 2024, generating a total of $173.2 million in revenue from slot machines and table games. This figure represents a 2.2% increase compared to May 2023.
May casino revenue in Maryland is the second-best this year and May 2024 stands as the ninth all-time month for Maryland’s casino revenue.
Maryland casinos have reported 13 months with casino revenue exceeding $170 million. Here’s a breakdown of the biggest revenue-making months in history:
- October 2022: $212.9 million
- July 2022: $181.5 million
- July 2021: $180.1 million
- May 2022: $178.8 million
- March 2024: $178.1 million
- March 2023: $176.5 million
- April 2023: $174.7 million
- July 2023: $174.3 million
- May 2024: $173.2 million
- December 2021: $172.9 million
Notable months include October 2022 (with a staggering $212.9 million) and July 2022 (reaching $181.5 million).
Top Performers Remain Consistent
- MGM National Harbor: MGM dominated the scene, raking in $72.3 million in revenue. Their edge over other casinos was bolstered by nearly $28 million from table games.
- Live! Casino: Live! followed closely with $65 million in revenue, primarily from slot machines.
- Horseshoe Casino Baltimore, Ocean Downs Casino, and Hollywood Casino Perryville also contributed to the state’s revenue.
Casino gaming contributions to the state totaled $74,449,247 in May, reflecting a 5.1% increase compared to May 2023. Additionally, contributions to the Education Trust Fund reached $53,663,328, marking a 4.2% increase over the same period. These casino revenues also benefit the communities, jurisdictions, Maryland’s horse racing industry, and small, minority- and women-owned businesses.
Ocean Downs Takes the Lead
Ocean Downs Casino outperformed Hollywood Casino in May 2024. It’s the first time Ocean Downs reported higher revenue than Hollywood since November 2023.
Historically, Hollywood dominates the matchup, but Ocean Downs benefited from warmer weather and Eastern Shore visitors.
Ocean Downs’ revenue trend in 2023:
- June: $8.7 million
- July: $10.1 million
- August: $10.1 million
- September: $8.7 million
- October: $8.2 million
- November: $7 million.
In addition to the casino, Ocean Downs offers harness racing, while Hollywood Casino goers can also bet on live thoroughbred racing.
Online Casino Push Remains in Limbo
The legalization of online casinos in Maryland depends on voter approval in a general election. With no referendum scheduled for this November, the next opportunity for voter consent will be in 2026. Therefore, it is irrelevant whether the legislature approves iGaming in 2025 or 2026, as voter approval is the decisive factor.
This additional two-year period allows lobbyists to work with the two Maryland casinos that opposed online casino legalization: Ocean Downs Casino and Racetrack, and Live! Casino and Hotel Maryland. Both establishments, reflecting their employees’ concerns about market cannibalization, resisted the move.
In short, Maryland’s casinos continue to thrive, contributing significantly to the state’s economy. May 2024 was a strong month, and the industry remains dynamic and resilient.
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