Maryland feels impact after casino revenues tail off in July

Maryland casinos are facing a difficult period as July’s gaming revenue figures show a downturn, with total earnings from slots and table games falling 2.6% year-over-year to $169.8 million.

The latest report revealed that casino gaming contributions for July 2024 reached $72.2 million, marking a 1.4% decrease compared to the same period last year.
These contributions remain vital for several key state-funded initiatives, including the Education Trust Fund, which received $52 million in July 2024 — down by $723,245 (1.4%) from July 2023.

Key beneficiaries of casino-generated funds include:

• Local communities and small businesses, which rely on casino-related contributions.

• The state’s horse racing industry, supported through targeted allocations.

• Public education programs, sustained via the Education Trust Fund.

In terms of performance by casino:

• MGM National Harbor led the way with $72.2 million, a minor dip of 0.2% from last July.

• Live! Casino & Hotel Maryland followed closely, maintaining steady revenue trends.

• Rocky Gap Casino Resort saw a 13.4% decline, earning just $5 million for the month.

While February 2024 marked a high point with $159.2 million in gaming revenue, July’s results show the volatility typical in the casino sector.
Industry analysts note that seasonal fluctuations and broader economic factors often play a role in these dips.

For now, Maryland’s land-based casinos are focused on weathering the downturn and anticipating stronger months ahead, as they continue to play a vital role in supporting the state’s economy and community programs.