Maryland Casino Revenue Takes June Break, Down Over $10 M
Tuesday 09 de July 2024 / 12:00
2 minutos de lectura
(Maryland).- Maryland’s six casinos combined for $162,914,432 in June revenue, down more than $10 million compared to May 2024 gaming revenue.
With the summer heat descending on Maryland in June, casino revenue managed to cool.
The state’s six casinos combined for $162,914,432 in revenue in June, down more than $10 million compared to Maryland’s May 2024 gaming revenue. Year-on-year, casino revenue was down 0.49%.
The results were disappointing after a May in which casino revenue shot up almost $10 million month-on-month.
Key takeaways
- Maryland casino revenue dropped more than $10 million in June.
- All six casinos saw a revenue dip in June compared to May.
- While monthly numbers were down for all casinos, two properties enjoyed year-on-year revenue increases.
Online casinos could increase revenue by more than $70 million
Maryland’s casino revenue totals consistently top $150 million thanks to strong performances from its flagship properties: MGM National Hardor and Live! Casino & Hotel. Online casinos could provide a significant boost to the monthly total. However, iGaming is illegal in Maryland.
If lawmakers chose to legalize, PlayUSA projects that the state could see more than $70 million in revenue during an average month, based on data from the seven states with active online casino markets:
| State | May online casino revenue | Population (according to 2023 Census Bureau data) | Per-capita revenue |
|---|---|---|---|
| Pennsylvania | $216.5 million | 13 million | $16.65 |
| Michigan | $198.6 million | 10 million | $19.86 |
| New Jersey | $192.1 million | 9.3 million | $20.65 |
| Connecticut | $46.3 million | 3.6 million | $12.86 |
| West Virginia | $17.9 million | 1.8 million | $9.94 |
| Delaware | $3.9 million | 1 million | $3.90 |
| Rhode Island | $2.3 million | 1.1 million | $2.09 |
| Average | $79.8 million | 6.5 million | $12.27 |
| Maryland (projected) | $76.1 million | 6.2 million | $12.27 |
In many states, legalizing online casinos is a subject that lawmakers are unwilling to discuss. However, Maryland is one of the few states where there have been ongoing discussions of what an online casino market would look like.
PlayUSA pegged Maryland as one of the states most likely to launch online casinos this year. Lawmakers pushed for online casinos in the spring. However, the iGaming didn’t make it into the state budget.
As PlayUSA legal writer Matthew Kredell noted, two of the state’s six casinos and labor unions opposed Maryland online casinos, playing a role in their demise.
All Maryland casinos see a monthly revenue drop
Across the board, Maryland casinos felt the sting of a slow June. Revenue was down at least 2.5% at every property, according to the latest data from Maryland Lottery and Gaming.
| Casino | June 2024 Revenue | May 2023 Revenue | % Change |
|---|---|---|---|
| MGM National Harbor | $68,151,492 | $72,267,476 | -5.70% |
| Live! Casino & Hotel | $60,399,039 | $65,032,889 | -7.13% |
| Horseshoe Casino Baltimore | $14,112,716 | $14,723,010 | -4.15% |
| Ocean Downs Casino | $8,135,862 | $8,351,868 | -2.59% |
| Hollywood Casino Perryville | $7,523,001 | $7,806,954 | -3.64% |
| Rocky Gap Casino | $4,592,322 | $4,970,763 | -7.61% |
| Totals | $162,914,432 | $173,152,961 | -5.91% |
Nearly 90% of the monthly losses came from tough months at MGM and Live!, where the two properties saw a combined $8.7 million drop in revenue compared to May.
While monthly performances were down everywhere, year-on-year revenue had some bright spots. Two of the state’s six casinos saw yearly growth:
- Hollywood Casino: 8.2%
- Live! Casino & Hotel: 4.2%
- MGM National Harbor: -1.3%
- Ocean Downs Casino: -6.3%
- Rocky Gap Casino: -10.3%
- Horseshoe Casino: -11.5%
Looking ahead to July, revenue will likely bounce back similar to how it rebounded from April to May. In 2023, revenue jumped from $163.7 million in June to $174.3 million in July.
By JR Duren
Categoría:Reports & Data
Tags: Sin tags
País: United States
Región: North America
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