Maryland Casinos Generate Record $86.8m In OctoberNovember 6, 2014 12:32 pm
Maryland’s five casinos generated $86.8 million in October, a 30% improvement over the $66.4 million taken in same month last year, and representing a new monthly record for the state. The addition of the Horseshoe Baltimore, which opened for business on August 26th, is certainly having a positive effect on revenues, and October’s impressive result breaks the previous record set only last month of $82.4 million.
The state’s newest gaming venue, the Horseshoe Baltimore, continues to be Maryland’s second most popular casino and in October its 1,158 slot machines and 22 table games generated $22.5 million in revenues, a slight improvement on the $22.4 million it saw in September. Nevertheless, a gaming industry analyst cited by The Brew had forecast the Horseshoe to generate around $27 million in monthly revenues after opening, warning at the time that monthly revenues below $20 million would put a strain on the casino’s ability to pay off its long-term debt.
Meanwhile, 12 miles away Maryland Live 4,222 slot machines and 189 table games raked in more than half the state’s gambling revenue worth $50.3 million, a 3% fall from October last year, and a less dramatic decrease than the one forecast by gaming experts following the Horseshoe’s opening. Commenting on its latest result, a Maryland Live statement described October results as:
“incredibly strong, showing only a slight deviation from the previous year and greatly exceeding the state’s projections despite new competition.”
Elsewhere around the state, the Hollywood Casino in Perryville with 1,158 slot machines and 22 table games generated 11.1% less revenues at $6.1 million; the Casino at Ocean Downs with 800 slot machines saw revenues lower by 2.7% at $4.1 million; and the Rocky Gap Casino Resort with 577 slot machines and 17 table games was up by 11.2% to $3.8 million.
In 2016, Maryland is expected to open its sixth casino, a $925 million gambling complex spread over 23 acres called the MGM National Harbor in Prince George. The luxurious gambling resort will feature 3,600 slot machines, 140 gambling tables, as well as restaurants, a theater, high-end shopping, and a 300-room hotel.