Maryland Casinos Generate $85.6 million In December

admin, January 6, 2015 2:41 pm

Maryland Casinos Generate $85.6 million In DecemberThe Maryland Lottery and Gaming Control Agency has revealed that the state’s five casinos generated $85.6 million in December, a massive 31.7% increase over the same month in 2013. However, back then Maryland had just four casinos operating and when the Horseshoe Casino Baltimore is excluded from the figures, the state’s other four casinos actually experienced a 3.6% decline overall of $2.32 million.
Breaking the figures down, Maryland Live generated $50.2 million in December, down 4.4% compared to the same month in 2013, but still more than twice as much revenue as its nearest competitor the Horseshoe which raked in $22.9 million over the same month. In the first four months it has been open, the Horseshoe has now produced revenues currently 35% less than initially forecast by hired consultants, Cummings Associates, which predicted an average of $31.2 million a month for the casino in 2015, and over $35 million a month in 2016.
Next, Hollywood Casino Perryville brought in 7% less revenues at $6 million, the Casino at Ocean Downs was lower by 0.5% at $3.4 million, while the Rocky Gap Casino Resort actually reported a 17% improvement in its business to $3 million.
With all the numbers now in for the whole of 2014, it can be revealed that the state of Maryland generated $797 million in revenues last year, up an impressive 31% y-o-y, of which around half went towards Maryland’s Education Trust Fund. Not surprisingly, Maryland Live! with its 4,222 slots and 189 table games accounted for the bulk of state revenues, or a whopping $655 million of revenues in 2014.
However, in the year ahead the state’s biggest casino is expected to experience increased competition from Maryland’s newest casino, the Horseshoe, which opened in August 2014 complete with 2,500 slots and 147 table games. Nevertheless, the Cummings study mentioned has thus far proved off, and it remains to be shown whether the Horseshoe will be able to successfully lure Maryland Live’s suburban and Washington area visitors away from the casino.

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