Maryland Casino Revenues Up By 28% In January

According to the latest results released by the Maryland Lottery and Gaming Control Agency, the state’s five casinos brought in $84.9 million in January, an impressive 28.3% higher than the $66.2 million generated in January 2014. That was when the state had just four casinos, though, and excluding the Horseshoe Casino Baltimore which opened on August 26, 2014, revenues were actually lower by 6.7%  (-$4.41 million), raising question whether Maryland’s casino market has now been stretched to its limits. Commenting on the latest figures, Harford Community College casino analyst James Karmel, said:
“At some point the market reaches capacity. It’s possible that it has stabilized, that people have figured out their preferences and are sticking with them.”
In January, Maryland’s biggest casino, Maryland Live, reported revenues of $49.4 million, lower by 8% compared to the $53.7 million generated in January 2014, while the state’s newest and second largest casino, Horseshoe Casino Baltimore, brought in $23.2 million, slightly more than the $22.9 million it collected in December. In 2016, Maryland Live’s fortunes are expected to decline further, too, as that is when the new MGM casino is expected to open in Prince George’s County. As state consultant Will Cummings noted in a study released in December 2013:
“The most severe impacts will be felt at Maryland Live because it lies closest to Prince George’s County and already attracts significant business from the new casino’s prime feeder markets in Virginia. Impacts on Rocky Gap, Ocean Downs and the new Horseshoe Casino in Baltimore are projected to be modest.”
Talking of which, the Casino at Ocean Downs was the only gambling venue to see an improvement in revenues last month, up by 6.6% to $3.38, while Hollywood Casino Perryville was down by 4.9% to $6 million, and Rocky Gap Casino Resort lower by 1.8% to $2.97 million, compared to the $3.03 million taken in January 2014.