As Maryland enters a new fiscal year this July, state regulators and industry stakeholders are closely monitoring casino performance trends to assess how economic and seasonal factors may shape gaming revenue in the second half of 2025.
June 2025 Revenue Dips Slightly Year-over-Year
Maryland’s six licensed casinos generated a combined $160.67 million in revenue from slot machines and table games in June 2025, marking a 1.4% decline compared to June 2024. This follows a stronger showing in May, when revenue rose by 1.9% to $176.4 million.
Gaming contributions to the state from June activity totaled $68.54 million, down 1.9% year-over-year. Of that, $49.42 million was allocated to the Education Trust Fund, representing a decrease of $954,000 from the same month last year.
Fiscal Year 2025 Ends with Modest Growth
June 30 marked the end of the Maryland Lottery and Gaming’s 2025 fiscal year, which closed with total casino revenue of over $1.8 billion—a 0.5% increase from FY2024. This modest growth was largely fueled by strong early-year performance, particularly in May, when MGM National Harbor posted $75.4 million in revenue, up 4.3% year-over-year.
Where the Money Goes
Maryland’s casino revenue supports more than just education. Funds are also distributed to:
- Local governments
- The state’s horse racing industry
- Small, minority-, and women-owned businesses
As the new fiscal year begins, analysts will be watching closely to see whether macroeconomic pressures or seasonal trends continue to impact gaming revenue.
Legal Developments: Tribal Disputes Over Sports Betting
June also brought legal turbulence to Maryland’s gambling landscape. Tribal representatives challenged Kalshi’s sports betting initiatives, arguing they violate tribal gaming laws. The outcome of this dispute could have broader implications for the state’s evolving sports wagering market.
June 2025 Casino Revenue Breakdown
Here’s how each of Maryland’s six casinos performed in June:
| Casino | Revenue | YoY Change |
|---|---|---|
| 🎰 MGM National Harbor | $67.17 million | ▼ 1.4% |
| 🎰 Live! Casino & Hotel | $58.96 million | ▼ 2.4% |
| 🎰 Horseshoe Casino | $14.22 million | ▲ 0.8% |
| 🎰 Ocean Downs Casino | $8.48 million | ▲ 4.3% |
| 🎰 Hollywood Casino Perryville | $7.20 million | ▼ 3.7% |
| 🎰 Rocky Gap Casino | $4.64 million | ➖ Flat |
While the state’s two largest venues—MGM National Harbor and Live! Casino & Hotel—posted declines, Ocean Downs and Horseshoe Casino saw modest gains. Rocky Gap Casino remained stable, while Hollywood Casino Perryville experienced the steepest drop.
Outlook for H2 2025
With FY2026 underway, Maryland’s gaming industry faces a mixed outlook. While early-year momentum helped lift annual revenue, recent softness in June suggests that inflation, consumer spending shifts, and regulatory developments could weigh on performance in the months ahead.
Stakeholders will be watching closely to see whether the state’s casinos can rebound—or whether June’s dip signals a broader trend.
