Maryland Casinos Up 40% to $130.5M in June

Maryland’s casino market has been on a tear ever since MGM Resorts’ National Harbor opened for business in December 2016, with its latest figures revealing a 39.8% increase in revenue to $130.5 million in June, compared to the $93.36 million collected during the same month last year. The results follow a 42.8% y-o-y increase in January, +43% in February, +44.3% in March, +30% in April, and +30.8% in May.
Leading the casino market last month was MGM National Harbor, which generated revenue of $50.1 million in June, although that total was still down by $400K compared to the previous month, and $1.1 million below the casino’s record set in March.
Unfortunately, the news was not so good for the state’s other five casinos, and if MGM’s results are excluded from the statistics, the Free State would actually have seen its market decline by 13.9% in June. That said, it was Maryland’s two other bigger casinos which suffered the most last month, with MGM’s chief rival, Maryland Live, recording a 22.1% drop in y-o-y revenue to $41.8 million, and the Horseshoe noting a 9.6% contraction in its business to $22.1 million.
Maryland Live is currently in the middle of a $200 million overhaul of ts property that will see a new 17-story hotel and convention center added to its facilities by next year, together with a spa, restaurants, live entertainment space, and more room for private gaming. Commenting on the huge expansion project, Jonathan Cordish from the Cordish Cos, which owns Maryland Live, explained:
“Obviously, the presence of a new casino in Maryland has an effect on the revenues of the existing casinos. We will continue to compete and reinvest for the long term.”
Meanwhile, Maryland’s three smaller gambling venues all posted higher revenue results in June, with Hollywood Casino Perryville up by 5.8% to $6.3 million, Rocky Gap up 8.6% to $4.5 million, and Casino at Ocean Downs up 9.5% to $5.5 million, year-over-year.