Maryland Casinos Post Ninth Straight Monthly Revenue Gain
Posted on: September 12, 2016, 05:00h.
Last updated on: September 13, 2016, 09:56h.
Maryland casinos are at it again.
For the ninth straight month, the state’s five casinos posted a gross gaming revenue increase and topped $100 million in total income for the fourth time in the last five months. The casinos generated a combined $100.3 million in proceeds from slot machines and table games, a nearly four percent gain year-over-year.
The casinos pulled in $3,565,068 more in August 2015 than in August 2016.
Maryland Live led the way with $55.9 million, a 7.2 percent increase on its own numbers. Caesars’ Horseshoe Casino Baltimore placed second with $27.7 million, a trivial 0.5 percent gain.
The Hollywood Casino in Perryville was the only casino that declined in August. The regional gambling facility collected $5.9 million, a 9.5 percent loss compared to the same month a year ago.
But overall, the news is positive for Maryland operators.
“Casinos are getting into a rhythm now,” Maryland Lottery and Gaming spokeswoman Carole Bober Gentry told Baltimore’s local CBS affiliate. “I think they’re doing well with their marketing and figuring out a balance.”
More Traffic Ahead
The Baltimore-Washington metropolitan area is one of the most congested regions in the entire United States. Behind only New York, Los Angeles, and Chicago, the Baltimore-Washington zone is home to nearly 10 million people, and the population is only growing.
That’s why casino operators are targeting the surrounding area of the nation’s capital.
MGM is next to bet.
Its $1.2 billion National Harbor property located just 10 miles from the White House in Arundel Mills, Maryland, is slated to open before the year’s end.
The resort’s welcoming party hasn’t been cordial. In fact, it’s been downright nasty.
Maryland Live, rightfully concerned over losing its monopoly on the Baltimore-Washington gambling scene, recently sued MGM over claims it bought its high-roller lists from former employees. The Cordish Company, parent to Maryland Live, says MGM hired three people based solely on their knowledge of Maryland Live’s VIP customers.
MGM National Harbor and Maryland Live are located about 40 miles apart. Depending on the area’s horrific traffic, that can seem like a daylong journey, but regardless, it’s still too close for comfort.
Maryland Live is currently adding 310 guest rooms, two more than the National Harbor’s 308, through a $200 million expansion project.
Six and Done
As for now, it appears there’s plenty of gaming dollars to go around in Maryland. If MGM has a harmonious implementation into the market and only grows casino gaming in Maryland, the future appears bright for operators.
The state’s 2008 constitutional referendum called for a total of six casinos in specific counties. Once MGM opens, the law will be fulfilled and no further casinos will be authorized without additional legislation and subsequent voter approval.
The other three casinos in Maryland aren’t necessarily competing with Maryland Live, Horseshoe Baltimore, and MGM.
The Hollywood Casino, Casino at Ocean Downs, and Rocky Gap Casino Resort combined for a total of $16,688,616 in August revenue. The three rural casinos aren’t after the Baltimore-Washington crowd, leaving Baltimore and Washington, DC, for the other three’s taking.
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