It truly was a happy holiday season for one casino in Maryland.
While Maryland's casino revenue numbers were showing interesting trends and performances, one stood out from the rest. But this is not the first time we've seen casinos in Maryland experiencing revenue dips.
Let’s take a closer look at the highlights and what these figures mean for the Old Line State.
Statewide Casino Gaming Overview
Maryland's six casinos generated a total revenue of about $159.8 million from slot machines and table games in December.
This marked a slight decrease of 2.6% compared to December 2024, when the revenue was around $164.1 million. Despite this decrease, the casinos continue to contribute significantly to the state, with gaming contributions totaling about $67.9 million.
Of this, nearly $49 million was directed to the Education Trust Fund, which supports schools and educational initiatives across the state.
Both slots and table games saw a decrease in revenue compared to the previous year. Slots brought in approximately $109 million, down 2.7% from December 2024. Table games also experienced a decline, dropping about 2.5% to $50.7 million from roughly $52 million the previous year.
This suggests that neither slots nor table games offset the other's decline, as both showed a downward trend.
Horseshoe Baltimore Casino's Rebound
Amidst the statewide decline, Horseshoe Casino in Baltimore emerged as a bright spot. It recorded a 12.2% increase in revenue, jumping from $13.2 million in December 2024 to $14.9 million in December 2025.
This impressive growth is partly due to a rebound from a notably weak performance in December 2024, but it also indicates a steady improvement trend in recent months.
| Property | Dec 2025 GGR | YoY change | Context |
|---|---|---|---|
| MGM National Harbor | $68.36M | -7.2% | Largest absolute decline, driving much of the statewide drop. |
| Live! Casino & Hotel | $58.80M | -0.6% | Essentially flat, reinforcing a mature but stable profile. |
| Horseshoe Baltimore | $14.85M | +12.2% | Strong double-digit rebound from a very weak prior-year base. |
| Hollywood Perryville | $6.89M | -2.1% | Small decline consistent with statewide trend. |
| Ocean Downs | $6.83M | -3.3% | Slightly worse than statewide average. |
| Rocky Gap | $3.95M | +1.4% | Modest growth off a small base. |
Half-Year Performance and Market Trends
During the first half of Fiscal Year 2026 (July to December 2025), Maryland casinos generated approximately $968.1 million in revenue, representing a 1.8% decline compared to the same period in FY2025.
This points to a maturing market that is experiencing slight contraction rather than a market in shock or decline. The mixed performance of various casinos, such as the notable decline at MGM National Harbor and the modest increase at Rocky Gap Casino Resort, highlights the significance of localized factors and competitive positioning.
So, while Maryland's casino industry showed an overall decline in December 2025, positive stories like Horseshoe Baltimore's rebound hint at opportunities for growth.
These numbers confirm ongoing challenges but also the potential for strategic improvements in the market, like efforts to get online casinos legalized in Maryland. The contributions to the Education Trust Fund and other community initiatives underscore the importance of the gaming industry to Maryland’s economy.
As the fiscal year progresses, stakeholders and observers will be keen to see whether these trends continue or if new dynamics come into play.
