Maryland Casinos Revenue Up 36% to $139M in JulyAugust 8, 2017 11:04 am
Maryland’s casino market generated revenue of $138.8 million in July, representing a huge 33.6% increase compared to $103.8 million collected during the same month last year. Excluding results from the $1.4 billion MGM National Harbor resort which opened last December, however, that figure would actually have been lower by 15%.
Needless to say, MGM National Harbor has firmly established itself as the leading casino in the Free State, having produced $50 million in revenue each month since March, and July was no exception with its business hitting $50.8 million in revenue. Commenting on the casino’s latest financial result, MGM Resorts International CEO Jim Murren, made mention of the casino’s likely upcoming sale to MGM Growth Properties LP, one of MGM Resorts International’s subsidiary trusts, stating:
“National Harbor couldn’t be doing better from our perspective and is perfectly positioned to ultimately be owned by MGP.”
Meanwhile, the state’s former brightest star, Maryland Live, has seen its custom decline since MGM opened up just 30 miles down the road, and last month its revenue dropped by 22.5% to $46.8 million versus July 2016. Hoping to turn its fortunes around, Maryland Live is currently spending $200 million expanding its facilities, which once completed, will include a 17-story hotel, new restaurants, shops, and live entertainment, as well as a convention center.
The story was also repeated amongst all but one of Maryland’s other gambling establishments, including the Horseshoe Baltimore down 8% to $22.9 million, Hollywood Casino Perryville down 2.4% to $6.6 million, and the Casino at Ocean Downs lower by 1.4% to $6.5 million, year-over-year. Even the one casino that bucked the trend, Rocky Gap Casino Resort, only posted a slight 0.3% improvment in revenue to $5 million from its slots and table game offerings.
So far this year, Maryland’s casino market has returned seven months of consecutive year-over-year growth as follows: January (+42.8%), February (+43%), March (44.3%), April (30%), May (30.8%), and July (+36%).