Casino sector sees year-end softness amid mixed property performance
Maryland’s casino market ended its fiscal year on a mixed note, reporting $160.67 million in gaming revenue for June 2025, a 1.4% year-on-year decline. This monthly dip contrasts with stronger showings earlier in the year, including a particularly robust May, where the industry posted $176.4 million in revenue – a 1.9% increase from the same month in 2024.
Despite June’s modest downturn, total revenue for fiscal year 2025 exceeded $1.8 billion, up 0.5% year-over-year, reflecting the overall resilience of Maryland’s gaming sector amid a changing economic landscape.
June Slips as Key Casinos Report Losses
Two of Maryland’s largest casino operators—MGM National Harbor and Live! Casino & Hotel—reported revenue declines for the month.
MGM National Harbor: $67.17 million (-1.4% YoY)
Live! Casino: $58.96 million (-2.4% YoY)
These declines significantly impacted the statewide average, given the dominance of these properties in the Maryland gaming ecosystem.
In contrast, smaller properties saw varied results:
Ocean Downs Casino posted 4.3% growth, reaching $8.48 million
Horseshoe Casino saw a minor 0.8% increase, rising to $14.22 million
Hollywood Casino Perryville dropped 3.7%, and Rocky Gap remained flat
These discrepancies underscore a broader trend of uneven momentum across Maryland’s gaming properties.
Contributions to State Programs Hold Steady
Maryland casinos contributed $68.54 million to state coffers in June, a 1.9% decline compared to June 2024.
$49.42 million went to the Education Trust Fund, nearly $1 million less than the same month last year.
Other allocations included local jurisdictions, horse racing initiatives, and minority- and women-owned business support.
It’s worth noting that these distributions continue despite monthly revenue fluctuations, ensuring a steady stream of funding for public programs.
Fiscal Year Performance: Growth Amid Volatility
While June reflected a modest decline, FY2025 overall saw growth, bolstered by high-performing months such as May, when:
MGM National Harbor surged to $75.4 million in revenue, up 4.3% YoY
Hollywood Casino and Ocean Downs recorded growth of 5% and 6.4%, respectively
This mixed performance across the fiscal year highlights how economic conditions, promotional strategies, and local competition influence individual casino revenues.
Outlook for FY2026: Monitoring Trends Amid Uncertainty
As Maryland enters a new fiscal cycle in July, regulators and stakeholders will closely watch the second-half trends to determine whether June’s softness is an anomaly or indicative of broader economic pressures—such as inflation, changing consumer habits, or competition from neighboring states.
With industry leaders likely reassessing marketing, entertainment, and technology strategies, 2026 will test the agility of Maryland’s casino operators to adapt in an increasingly competitive East Coast market.
