Maryland Casino Revenue Reaches $608m In FY 2013

admin, September 9, 2013 2:21 pm

Maryland Casino Revenue Reaches $608m In FY 2013The Maryland Lottery and Gaming Control Agency announced that its four casinos generated $608.3 million in revenue during the fiscal year ending June 30th, a huge $76.8 million improvement on the amount originally projected by the Board of Revenue Estimates (BRE).
The impressive figure translates to a massive $384.54 million injection of tax funds into state coffers, the largest proportion of which totalling $284.34 million, was given to the Education Trust Fund. Impressively, this fund received an extra $189.8 million compared to the previous year to help in the construction of public schools, public elementary and secondary education, and capital improvement projects. The remainder of the tax funds went on a range of other programs, such as local impact grants, racing industry purses and small businesses.
The state’s largest casino, Maryland Live, opened in June 2012 and proved the real breakout story for the Mid-Atlantic, with the ever-growing gambling venue adding over 1,000 slots, 122 table games, not to mention a new poker room on August 28th which raked in over $350,000 in just its first three days of operation.
“We think the room will appeal to everybody from the casual player to the really serious professional poker player. We built it to be a real destination facility that will draw players from the area, the East Coast and beyond,” commented Joe Weinberg, Managing Partner, The Cordish Companies.
Furthermore, in August Maryland Live saw its revenue increase by a huge 64% to $53.3 million, with the tally representing three-quarters of the state’s total gross gambling revenue for the month. Meanwhile, Hollywood Casino Perryville recorded an 18% increase in revenue to  $7.7 million; the Casino at Ocean Downs improved by 5% to  $5.9 million; while the old Rocky Gap Casino Resort recorded revenue of $4 million in August.
However, the state’s gain is its neighbours loss with casinos in Pennsylvania, Delaware, Virginia, West Virginia and the Carolinas feeling the pinch from Maryland’s expanding casino industry.

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