Maryland Casino Revenues Soar 35% To Hit New Record In NovemberDecember 9, 2014 12:45 pm
Maryland’s casino market has continued its good form after posting a monthly state record of $86.8 million in October, and has now reported an all-time high of $90.2 million in November. That figure represents a 4% increase over the previous month’s tally, and a massive 35% increase compared to the $66.8 million generated in November 2013. Commenting on the impressive results, Chad Barnhill, Senior Vice President of the Horseshoe Baltimore, said:
“The market has grown 35% and the fact that that’s not happening anywhere else in the country is a very positive story and we’re glad we were able to bring that to Maryland.”
Playing with the statistics, though, without the Horseshoe Casino Baltimore, Maryland’s newest gambling venue which opened in August complete with 2,500 slot machines and 145 table games, revenues would actually have decreased by 0.6%, or $40,567, year-over-year.
In November, The Maryland Live! casino continued to dominate the state’s five gambling venues, and posted revenues of $53.8 million, a 0.7% improvement compared to last year, followed by the new Horseshoe Casino Baltimore which generated $23.4 million last month. Despite the competition, the casinos believe there’s plenty of business to round, and as the President and General Manager at Maryland Live! Casino, Rob Norton explains:
“We have two very distinct markets. Horseshoe is an urban casino located in the city; we’re much more suburban. And I think there is a market for both of us and I think there’s more distinction than people realized.”
Next, Hollywood Casino Perryville raked in $6.2 million in November, lower by 6.9% or $457,581; the Casino at Ocean Downs revenue was down by 3.8% to $3.3 million; while the Rocky Gap Casino Resort actually posted a 5.8% gain at $3.5 million, compared to November 2013.
The Free State’s sixth casino, the MGM National Harbor, is expected to open in 2016, with the $925 million project featuring a casino, restaurants, shopping, a theater, and a 300-bedroom hotel.