Maryland Casino Revenue Soars 42% in NovemberDecember 6, 2017 1:49 pm
The Maryland Lottery and Gaming Control Agency has released its latest results for November, revealing an impressive 41.9% increase in revenues to $130.5 million, or $38.5 million higher than the same month in 2016. Once MGM National Harbor is removed from the equation, however, the state’s remaining five casinos actually saw their revenues fall by 13.1%, or $12 million in November.
MGM National Harbor opened in December of last year at a cost of $1.4 billion, and is currently the states only integrated casino resort. In November, the venue’s 3,117 slots and 168 table games subsequently generated $50.6 million in revenue, which was around $1.4m down on October’s figure, primarily due to $1 million less being won on its table games.
MGM National Harbor’s opening has drawn away business from two casinos in its immediate catchment area, and once again these two venues saw their monthly revenues decline as a result.
Firstly, Maryland’s previously biggest earner, Live Casino, collected $43.4 million from its 3,891 slots and 190 table games, down by 13.5% year-on-year; while the Horseshoe Casino Baltimore, too, saw its revenue drop by 20.3% to $22.7 million from its 2,202 slots and 178 table games.
Further a field, however, the news was all positive with the Free State’s remaining three casinos all posting year-on-year growth. Leading the way in terms of revenue was Hollywood Casino Perryville up by 2.6% to $5.8 million, followed by Rocky Gap Casino Resort up 8.4% to $4.1 million, and finally Ocean Downs Casino up 2.7% to $3.9 million.
Maryland’s gambling industry has gone from strength-to-strength over the past few years, and in fiscal year 2017 ending June generated $1.42 billion in gross gaming revenue, marking a new all-time high for the state. Maryland also has a thriving lottery that over the same period reached $1.93 billion in sales, beating the previous record set of $1.908 billion. As Gordon Medenica, Director of the Maryland Lottery stated at the time:
“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.”