Maryland Casino Revenue Soars 37% in AugustSeptember 8, 2017 11:51 am
The state of Maryland’s six casinos generated revenue of $137.4 million in August, representing a 37.1% increase versus the same month in 2016. If the nine month old MGM National Harbor resort is removed from the equation, though, statewide casino revenue would actually have fallen by 15.7% year-over-year.
Since opening for business in December of 2016, the $1.4 billion MGM has risen to surpass Maryland Live! as the state’s most popular gambling venue, and last month was no exception with the casino collecting $52.8 million from its 3,117 slot machines, and 168 table games.
Meanwhile, Maryland Live! continues to suffer the fallout from having the state’s newest casino based just 30 miles away, and in August the establishment’s 3,891 slots and 190 table games generated 19.9% less revenue at $44.7 million.
Likewise, the MGM’s other prospective rival, the Horseshoe Casino Baltimore, also saw business from its 2,202 slots and 178 table games contract by 21.3% to $21.8 compared to August 2016. As a result, both Maryland Live! and Horseshoe Casino Baltimore have now seen their revenues drop for the third consecutive month.
Away from the highly competitive catchment area, however, Maryland’s three other casinos all posted year-over-year gains, led by the Casino at Ocean Downs whose 800 slot machine only operation produced $6.9 million, up by 11.9 from last year. Posting the next highest growth was Rocky Gap Casino Resort, with its 665 slots and 17 table games generating 6.1% more revenue at $4.8 million; and finally the Hollywood Casino Perryville, which collected 5.4% more business at $6.2 million from its 822 slots and 21 table games.
For the first eight months of the year, Maryland’s casinos have contributed $665.2 million in gaming revenue for the state, with the money subsequently funneled towards two major funds, namely the Education Trust Fund and the Maryland General Fund, as well as being used for local impact grants, and the horse racing industry.
For the fiscal year 2017 (July 2016 to June 2017), Maryland’s casinos generated a new record high of $1.421 billion in gross gaming revenues, while Lottery’s sales at $1.935 billion also beat the previous record of $1.908 billion. Commenting on the figures released recently, Maryland Lottery and Gaming Director Gordon Medenica, stated:
“We anticipated that casino revenues would reach new heights, and the fact that the Lottery set records in the same year is fantastic. We’re confident that Lottery sales will remain robust and that casino revenues will continue to grow.”