Key points:
- Maryland’s six casinos generated $151.8m in gaming revenue for January 2025, down 0.9% from the previous year
- State contributions from casino gaming increased by 0.8% to $63.7m, with $46.0m allocated to the Education Trust Fund
- MGM National Harbor led revenue with $67.6m, rising 2.3%, while Horseshoe Casino saw the largest decline, down 7.8% to $13.4m
The Maryland Lottery and Gaming Commission has reported that statewide casino gaming revenue for January 2025 totalled $151.8m, reflecting a 0.9% decrease year-on-year.
Despite the overall decline, state contributions from gaming revenue rose by 0.8% to $63.7m, with $46.0m allocated to the Education Trust Fund, which supports public education initiatives.
The latest results indicate continued volatility in Maryland’s casino market, following a 0.9% revenue decline in December 2024, when casinos generated $164.1m.
Casino performance: MGM National Harbor gains, Horseshoe Casino declines
MGM National Harbor retained its position as the highest-earning casino in the state, posting $67.6m in revenue, up 2.3%. However, Live! Casino & Hotel, the second-largest operator, reported a decline of 2.9% to $55.1m, following a 2.4% drop in December.
Horseshoe Casino Baltimore recorded the largest percentage decrease, with revenue falling 7.8% year-on-year to $13.4m, continuing its downward trend after reporting a 12.9% decline in December.
Hollywood Casino Perryville saw modest growth of 1.0%, generating $6.6m, while Rocky Gap Casino Resort posted the strongest percentage increase, rising 3.8% to $3.3m. Ocean Downs Casino, however, saw revenue fall 6.4% to $5.7m, reversing its 0.8% increase in December.
State contributions and fiscal year trends
Despite the overall revenue decline, state contributions from casino gaming increased by 0.8% to $63.7m, marking continued support for state programs.
The Education Trust Fund received $46.0m, reflecting a 0.7% increase. Other contributions included allocations for local jurisdictions, Maryland’s horse racing industry and minority- and women-owned businesses.
Good to know: Through the first seven months of fiscal year 2025, total casino revenue remains 1.2% higher than the same period in 2024, with state contributions up 2.5%
Market trends and recent developments
Maryland’s casino sector has experienced fluctuating performance in recent months, with back-to-back declines in December and January following steady growth earlier in the fiscal year.
December 2024 revenue totalled $164.1m, down 0.9%, with state contributions reaching $69.8m. MGM National Harbor led December's results with $73.6m, up 4.0%, while Horseshoe Casino saw a sharp 12.9% decline to $13.2m.
Looking further back, November 2024 casino revenue stood at $158.1m, showing relative stability before the year-end dip. Contributions to the Education Trust Fund in November rose by 4.2%, indicating positive trends earlier in the fiscal year.
Maryland’s largest casino operators continue to shape the market, with MGM National Harbor maintaining steady growth, while Horseshoe Casino faces continued revenue declines.
Outlook for Maryland’s casino industry
Looking ahead, casino revenue in Maryland may face continued challenges as market trends remain mixed across properties. While state contributions have remained resilient, the declining performance 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 trajectory in 2025.
The state’s casino sector will closely monitor February’s results, particularly with seasonal trends and consumer spending shifts expected to impact gaming activity in the coming months.
