Maryland Gaming Market Analysis
Overall Market Performance:
- Maryland's gross gaming revenue (GGR) in June 2025 decreased by 1.4% year-over-year, reaching $160.7 million.
- For the second quarter of 2025 (2Q25), Maryland GGR saw a year-over-year increase of 10 basis points (bps).
- The unfavorable calendar in June 2025, with 8 weekend days compared to 9 in June 2024, was noted as a contributing factor to the June GGR decline.
Key Operator Performance:
- Maryland Live: The largest operator by market share (~37%), Maryland Live generated $59.0 million in GGR for June, down 2.4% year-over-year. For 2Q25, its GGR increased by 4.1%.
- PENN Entertainment (Hollywood Perryville): Generated $7.2 million in GGR for June, down 3.7% year-over-year, below the $7.5 million estimate. For 2Q25, PENN's MD GGR was up 70 bps.
- CZR (Horseshoe Baltimore): Generated $14.2 million in GGR for June, up 80 bps year-over-year, exceeding the $13.7 million estimate. For 2Q25, CZR's MD GGR increased by 3.5%.
- MGM Resorts (National Harbor): Generated $67.2 million in GGR for June, down 1.4% year-over-year, below the $69.3 million estimate. For 2Q25, MGM's MD GGR increased by 1.3%.
- Ocean Downs: Generated $8.5 million in GGR for June, up 4.3% year-over-year. For 2Q25, its GGR increased by 4.1%.
Research Methodology and Disclosures:
- The report includes year-over-year comparisons for monthly GGR (Figures 4 and 5).
- Important disclosures and analyst certifications are provided, including information on conflicts, regulatory compliance, and the independence of the research department.
- The report also outlines risks associated with derivatives, foreign exchange, and macroeconomic fluctuations.
- Deutsche Bank's rating system and services are detailed, including equity ratings, investment banking relationships, and MIFID ancillary services.
