Maryland Casino Revenue Soars To $66.84m In November

Maryland Casino Revenue Soars To $66.84m In NovemberThe Maryland Lottery and Gaming Control Agency has released its casino figures for November, revealing an impressive increase in revenue to $66.84 million from $43 million taken in the same month last year. Excluding the Rocky Gap Casino Resort, which only opened in spring this year, revenues were up at Maryland’s casinos by a massive 47.4% year-on-year, or $20.4 million for the month.
Once more leading the way out of the state’s four casinos was Maryland Live, whose 4,328 slot machines and 174 gaming tables produced $53,422,841 in revenue, up by more than 55% from November, 2012. The Cordish Company owned casino and entertainment complex now boasts seven consecutive month that it has raked in at least $50 million in gambling revenue from its 24 hours a day operation.
Elsewhere, Hollywood Casino Perryville generated $6.6 million for the month from its 1,158 slot machines and 22 table games, representing a 22% increase year-over-year; while the slots only Casino at Ocean Downs reported the smallest gain, up by 4.6% to $3.5 million from its 800 slot machines. Finally, Rocky Gap Casino Resort in Western Maryland took $3.3 million from its 13 table games and 558 slot machines.
Maryland’s Education Trust Fund subsequently received more than $26 million from gambling revenue in November, with the fund having now collected almost $290 from the state’s four casinos this year alone.
However, Maryland’s burgeoning gambling industry may soon receive a further boost as a fifth casino, The Horseshoe Casino in Baltimore, is scheduled to open in second half of 2014. In its first full year of operation the casino is projected to generate up to $454 million in gambling revenue, thus turning Maryland into a billion-dollar-a-year gambling market. There will, however, likely be some cannibalization of revenues as The Horseshoe Casino is expected to obtain at least $130 million of its projected slots and table-games business at the expense of Maryland Live.

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