Maryland Casino Revenues Up 6.2% To $87.5m In September

The Maryland Lottery and Gaming Control Commission has released its casino results for September, revealing a 6.2% increase in revenues to $87.5 million, compared to the $82.4 million generated in the same month last year.
Furthermore, all but one of the state’s five casinos reported a rise in year-over-year revenues, the exception being the Horseshoe Casino Baltimore, which saw its business slip by around 1% to $22.1 million. Commenting on its results, the casino which houses 2,200 slot machines and 178 table games, issued a statement explaining:
“Last month’s revenues closely mirror those of September 2014, which was our first full month in operation. Given the pent-up demand that any new entertainment attraction enjoys upon opening, we’re pleased that our year-over-year revenues reflect the casino’s ongoing appeal.”
In the meantime, Maryland Live with 4,059 slots and 202 table games generated $49.6 million in September, 9% higher than the same month last year. This was especially impressive considering analysts had predicted its revenues were expected to shrink by 20% after the Horseshoe opened. Also returning positive growth was Hollywood Casino Perryville, whose 850 slots and 22 table games generated 5% more business at $6.2 million; Ocean Downs (800 slots) up 15% to $5.7 million; and Rocky Gap Casino (627 slots, 18 table games) up 6% to $3.9 million.
Finally, the state of Maryland can expect to face stiffer competition from neighboring Pennsylvania in the future, after the Philadelphia Planning Commission gave the go-ahead for The Cordish Cos to build a 2,000 slot and 125 table games resort casino in the South Philadelphia’s stadium district. The company which also owns the Maryland Live Casino expects to eventually generate revenues upwards of $300 million a year from its new project, adding around $130 million per annum in gaming taxes for state coffers.