Maryland Casinos up 40% to $133M in October

Maryland Casinos up 40% to $133M in OctoberMaryland’s six casinos generated revenues of $133.2 million in October, marking a huge 39.5 percent increase compared to the $95.5 million that was collected during the same month last year.

When the MGM National Harbor opened for business in December 2016, the $1.4 billion resort was forecast to grow the state’s casino market, albeit by pulling some revenue away from the nearby Live Casino and Horseshoe Casino Baltimore. MGM subsequently reported $51.9 million in revenue for October, representing almost 39% of all Maryland’s casino business, with $27.1 million derived from its slot machines, and the remaining $24.8 million from its gaming tables.

Meanwhile, revenues at the state’s other casinos slid by 14.9 percent versus October 2016, with four out of five venues reporting year-on-year declines.

In October, Maryland’s former most popular casino, Live Casino, saw its revenue plunge by 13.9 percent to $45.8 million from a year earlier. Nevertheless, the casino is hoping to turn about some of its recent downturn in business after it opens a new $200 million hotel complex next spring, complete with 310-rooms, and a range of other amenities, including a health spa, fitness center, concert hall, restaurants and retail shops.

The state’s third biggest casino, Horseshoe Casino Baltimore, also noted the biggest year-on-year decline last month, with business down by 26.5% to $19.6 million. While its slot machines suffered a 10% drop in revenue to $12.4 million, for table games the decline was even steeper with revenue tumbling by almost 50 percent to a mere $7.15 million.

Also reporting a year-on-year contraction in their business was the Hollywood Casino Perryville down 0.7% to $5.9 million, and Rocky Gap down by 1.6% to $4.6 million, with just Ocean Downs seeing an increase in revenue, which was higher by 7.2% to $5.3 million.

Overall, while Maryland’s casino market generated $37.7 million more in October compared to the same month last year, excluding MGM, the state’s other five casinos actually saw their businesses decline by 14.9 percent, or $14.2 million, year-on-year.

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