Maryland Casino Revenues Rise 5% to $103M in July

The Maryland Lottery and Gaming Control Agency has released its latest results for July, revealing a 5% increase in revenues to $103.8 million compared to the same month in 2015. Furthermore, not only have casino revenues now risen over the past eight consecutive months, but July’s figure also marks the third month that monthly revenues have surpassed $100 million since the Free State’s first casino opened for business in 2010.
According to analysts, Maryland’s impressive growth can be attributed to a combination of favorable regional economic conditions, as well as effective marketing campaigns by the state’s gambling venues. In addition, this July had five weekends, one more than last year, meaning gamblers had more free time to spend at the casinos.
Last month, four out of the state’s five casinos reported positive year-on-year revenue increases, led by Rocky Gap Casino Resort, whose 634 slot machines and 18 table games generated 17% more revenues at $5.1 million. Next highest was the state’s biggest casino, Maryland Live!, whose 3,916 slot machines and 206 tables games collected $60.5 million last month, up by 6.2% versus July 2015.
Likewise, the Casino at Ocean Downs with 800 slot machines posted a 2.5% revenue increase to $6.6 million; while the Horseshoe Casino Baltimore with 2,202 slot machines and 179 table games was also up by 2.5% to $25 million.
Bucking the trend, however, was Hollywood Casino Perryville whose 842 slot machines and 22 table games generated 1.9% lower revenues at $6.8 million.
Maryland’s five casinos collected $1.1 billion for the whole of 2015, representing an 8.4% increase over 2014’s total. This year is already on track to beat that figure, with a further boost provided by the addition of an extra revenue stream after the new $1.3 billion MGM National Harbor in Prince George’s County opens up within the next few months. The project is also expected to add more than 4,000 new jobs in Maryland, and commenting on the overall progression of the huge development so far, MGM CEO James Murren said:
“Most of the finished goods are already going in. They are literally placing slot machines on the floor already. The carpeting is down.. They’re energizing the building. All the glazing is in. They’re not only drywalling, but painting all the guest rooms, and it really is quite spectacular.”