Maryland Casino Revenues Up 2.5% in November

admin, December 6, 2016 11:35 am

The Maryland Lottery and Gaming agency has released its gambling results for November, and while revenues generated reached $92 million, up 2.5% versus the same month in 2015, more than half the state’s casinos actually reported a fall in their year-on-year business.
Leading the way in terms of growth was the Horseshoe Casino Baltimore, whose revenues surged by 15.9% to $28.5 million last month, up by $3.9 million compared to November of 2015. The state’s only other gainer was the Rocky Gap Casino Resort which posted a 5.6% increase in revenues to $3.8 million, up by $200,263 from last year.
Meanwhile, the Hollywood Casino Perryville noted the biggest fall in business, with revenues dropping by 6.9% to $5.6 million, followed by the Casino at Ocean Downs whose business contracted by 1.7% to $3.8 million. Finally, the state’s biggest casino, Maryland Live produced revenues of $50.25 million from its 3,952 slot machines and 207 table games, a figure that was lower by 2.7% from a year earlier.
Despite generating more than half of the Free State’s casino revenues for the month, tougher times are expected to lie ahead for the Maryland Live casino post December 8th after the MGM National Harbor opens in Prince George’s County. The $1.4 billion casino resort has aspirations of becoming both a regional and global destination, especially with it featuring a range of extra facilities not offered by its competitors, a view shared by Michael Pollock, the MD of Spectrum Gaming Group, who commented recently:
“What’s essentially different about this is MGM is obviously a world-class operator. It’s clear from their plans that they have high hopes for this. From our vantage point, we suggest those high hopes will be justified.”
Not only is the new casino expected to provide a considerable boost to the $510 million in tax revenues collected by the state during the last fiscal year, but it will also have other far-reaching economic benefits for Maryland, such as providing employment for around 3,600 people.

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