The Maryland Lottery and Gaming Control Agency reported that the total casino gaming revenue in January 2025 was $151.8 million, a decrease of 0.9% year-over-year.
Despite the overall decline, the state government's contribution from gaming revenue increased by 0.8%, reaching $63.7 million, with $46 million allocated to the Education Trust Fund supporting public education programs.
The latest results indicate that the Maryland casino market continues to fluctuate, with a 0.9% decrease in casino revenue in December 2024, totaling $164.1 million for that month.
MGM National Harbor remains the highest-grossing casino in the state, with revenues of $67.6 million, up 2.3%. However, the second-largest casino operator, Live! Casino & Hotel, saw a revenue decline of 2.9% to $55.1 million, with a 2.4% decrease in December.
Horseshoe Casino experienced the largest drop, with revenues down 7.8% year-over-year to $13.4 million, continuing a downward trend following a 12.9% decrease in December.
Hollywood Casino Perryville saw a slight increase of 1.0% in revenue, reaching $6.6 million, while Rocky Gap Casino Resort had the largest increase of 3.8%, reaching $3.3 million. However, Ocean Downs Casino's revenue fell by 6.4% to $5.7 million, reversing a 0.8% growth in December.
State Contributions and Fiscal Year Trends
Despite the overall decline in revenue, casino gaming's contribution to the state government increased by 0.8%, reaching $63.7 million, marking continued support for state government programs.
The Education Trust Fund received $46 million, an increase of 0.7%. Other contributions include grants provided to local jurisdictions, the Maryland horse racing industry, and minority and women-owned businesses.
Notably, for the first seven months of fiscal year 2025, total casino revenue is still 1.2% higher than the same period in 2024, with state contributions growing by 2.5%.
Market Trends and Recent Developments
In recent months, the Maryland casino industry has shown volatility, following steady growth earlier in the fiscal year, with consecutive declines in December and January.
December 2024's total revenue was $164.1 million, down 0.9%, with state contributions reaching $69.8 million. MGM National Harbor led in December, with revenues of $73.6 million, up 4.0%, while Horseshoe Casino saw a significant decline of 12.9% to $13.2 million.
Looking back, November 2024's casino revenue was relatively stable at $158.1 million before the year-end decline. Contributions to the Education Trust Fund in November increased by 4.2%, indicating a positive trend earlier in the fiscal year.
Maryland's largest casino operators continue to impact the market, with MGM National Harbor maintaining steady growth, while Horseshoe Casino faces ongoing revenue declines.
Outlook for Maryland's Casino Industry
Looking ahead, Maryland's casino revenue may continue to face challenges as market trends at various casinos remain mixed. Although state contributions remain strong, performance declines at certain casinos could impact future revenue stability.
Regulatory and industry developments, including potential shifts in player preferences and regional competition, will continue to influence Maryland's gaming revenue trends in 2025.
The state's casino sector will closely monitor performance in February, particularly as seasonal trends and changes in consumer spending are expected to affect gaming activities in the coming months.
