Maryland Casino Revenues Up 7.5% to $97.8M in March

Maryland’s five casinos generated revenues of $97.85 million in March, a 7.5% increase compared to the same month in 2015. That figure also represents the state’s second-highest tally to date, only slighty lower than the record $98.9 million that was reached in July 2015. Commenting on the impressive condition of Maryland’s casino market, gambling industry expert James Karmel explained:
“Our state has a lot of the right conditions. There is a high median income per capita, a relatively stable economy connected to the government and contracting. And Maryland has a relatively high educational level, which is actually good for casinos.”
Leading Maryland’s gambling market last month was Maryland Live! in Hanover which collected $54.6 million in revenues, a 5.2% improvement versus last year. Meanwhile, the Horseshoe Casino Baltimore benefitted from hosting a World Series of Poker circuit event, and reported the state’s highest growth rate with revenues up by 11.9% year-on-year at $27.6 million.
Also experiencing positive growth in March was the Hollywood Casino Perryville up 8.1% to $7 million; Ocean Downs up 11.2% to $4.4 million; and the Rocky Gap up 6.3% to $4 million.
Maryland’s casino market has now posted four consecutive months of growth, with the last time contraction in revenues coming in November 2015, when business fell by around half a percent.
By the end of the year, Maryland is also expected to see the MGM National Harbor, its brand new casino, open in Prince George’s County. The $1.3 billion resort will offer visitors a selection of 3,600 slot machines and 140 table games, as well as a 300-room hotel, several top end restaurants, and a 3,000-seat theater. Commenting on the project, JLL Senior Vice President Greg Ferrante said:
“MGM National Harbor will offer tourists and locals a dynamic experience featuring entertainment, fine dining and outstanding amenities including a luxury spa and destination retail offerings. We are eager to create an unmatched retail experience in the market, and expect national and international retailer interest in the available space in the retail promenade.”