Published on: October 7, 2025, at 08:15h.
Updated on: October 7, 2025, at 08:15h.
- Maryland casinos see revenue decline for four straight months
- MGM National Harbor and Live! Casino Hotel largely impact the downturn
- Horseshoe Baltimore’s resurgence is noteworthy
Maryland’s casino revenue continues to face challenges, marking September as the fourth month in a row of decreasing gross gaming revenue (GGR).
Maryland’s six casinos announced GGR totaling $151.5 million from slots and live dealer games. This amount excludes sports betting earnings.
This $151.5 million reflects a 5% decrease compared to September 2024, when the total was $159.5 million. As a result, the state’s fiscal year 2026, which commenced on July 1, has dipped by 3.1% in the initial quarter.
With declining video lottery terminal and table game income, the Maryland Education Trust Fund receives less funding. Last month, the fund received $46.8 million, a drop of $2,721,487 from September 2024.
Struggles of Market Leaders
The two leading casinos by revenue, MGM National Harbor and Live! Casino Hotel, significantly contributed to the decline in September. They reported GGR of $63.1 million (down 5.6%) and $54.9 million (down 7.8%), respectively.
On the other hand, Horseshoe Casino Baltimore, needing a boost, saw GGR rise by 6.7% to $14 million. The venue hosted two Baltimore Ravens games last month, which undoubtedly influenced its revenue.
Horseshoe Baltimore marked its sixth straight month of year-over-year GGR growth. Caesars Entertainment remains committed to enhancing this location, strategically situated near M&T Bank Stadium and Oriole Park at Camden Yards.
Recently, the casino has attracted significant acts. Notably, Baltimore’s own Gabby Samone performed alongside R&B icon Eric Benet, and NBA legend Shaquille O’Neal hosted a Ravens afterparty as DJ Diesel at the venue last Sunday.
Maryland is also home to three smaller resort-style casinos: Ocean Downs in Berlin, Hollywood in Perryville, and Rocky Gap, which reported varying results.
Rocky Gap’s GGR grew by 5.1% to $4.6 million, while Hollywood reported a 4.6% drop to $6.3 million, and Ocean Downs saw a revenue decrease of 3.8% to $8.4 million.
Legacy Gaming Challenges
Maryland is not alone in facing a slowdown in in-person casino revenues. States like Florida, Iowa, Mississippi, Missouri, Ohio, and Pennsylvania also recorded declines in their legacy casino revenues last year.
Furthermore, the Las Vegas Strip has faced its own difficulties this year, with a notable decrease in visitation amidst various economic and political challenges, despite the overall gaming revenue remaining stable.
National GGR, however, continues to thrive, largely supported by seven states permitting iGaming and a growing acceptance of mobile sports betting. The commercial gaming win reached $71.9 billion in 2024 — an increase of 8%. Sports betting GGR surged by 16.5%, while iGaming soared nearly 30%, in stark contrast to the mere 2% rise in in-person casino revenue.