Maryland Casinos Up 31% to $136M in MayJune 7, 2017 9:24 am
Marlyland’s casino market continues to grow exponentially each month, and May was no exception with revenue 30.8% higher at $136.5 million, compared to the $104.4 million collected in the same month of last year. The impressive news follows months of stellar results in which business was up by 42.8% in January, 43% in February, 44.3% in March and 30% in April.
Accounting for much of the double-digit growth is the MGM Resorts’ National Harbor which opened last December, without which the Free State’s other five casinos would have noted a combined 17.7% year-on-year decrease in business overall. Needless to say, the venue once more led Maryland’s casino market for the month, with revenue generated reaching $50.5 million in May.
Firmly entrenched in second place now is Maryland Live!, whose revenue of $45.9 million represented a 22.3% decrease versus May of 2016. The venue had been producing around half the state’s casino revenues until the National Harbor opened for business, and over its five years existence has welcomed over 50 million guests, resulting in total gaming revenue of almost $3 billion. From that tally, Maryland Live! has funneled around $1.1 billion towards a number of programs supported by the state, the biggest of which is the Education Trust Fund.
With competition now fiercer than ever, however, Maryland Live! is forging ahead with its plan to upgrade its facilities, and is currently undertaking a $200 million expansion project that includes the building of a 17-story hotel, complete with concert venue and restaurants, that is expected to open for business by early 2018.
While National Harbor and Maryland Live! accounted for $96.4 million, or 70% of the casino revenues last month, the state’s four other gambling venues contributed the remaining balance of $40.1 million. Leading the next tier of casinos was the Horseshoe Casino Baltimore down by 18.1% to $23.6 million, followed by Hollywood Casino Perryville down 7.8% to $6.35 million, Ocean Downs up by 3.3% to $5.3 million, and finally Rocky Gap lower by 7.4% at $4.75 million.