Maryland Casino Revenues Continue to Increase
The month of November saw the state of Maryland continue to increase revenues earned from casino gaming.
The state of Maryland has continued to show strong growth as far as casino gaming is concerned. There are only a handful of gaming venues in operation but every month the revenues continue to rise as players take advantage of the many gaming opportunities on offer. The month of November was a successful one and the last month the state will offer gaming without the MGM National Harbor. When the new casino is in operation, the revenues are sure to only continue to climb!
Winning Streak Continues
The month of November saw the winning streak continue for Maryland. On Monday, the Maryland Lottery and Gaming Control Agency released figures in regards to casino gaming showing that the five venues were able to bring in a little less than $92 million for the month. This was an increase of 2.5% from the same month in 2015. The year on year gains continue as the state was able to see an increase for twelve months running.
The top earner for the month was Maryland Live! who brought in $50.2 million yet this amount was a decrease of 2.7% from last year due to the slots being down around $4 million. Second place in earnings goes to the Horseshoe Casino Baltimore who earned $28.5 million which is an amazing 16% increase from November of last year. This increase was due to the slot gaming improvement by just over $3 million.
Third place went to the Hollywood Casino Perryville which earned $5.6 million. This was a 7% decrease when looking at year on year totals. Ocean Downs and Rocky Gap casinos actually tied for last place with just under $3.8 million in earnings each. Rocky Gap saw an increase of just over 5% while Ocean Downs was actually in decline at 1.7%.
A New Venue in the Mix
Beginning this week, there will be a new casino in the mix which is sure to affect the gaming totals but surely in the positive. Tonight the MGM Resorts project, the MGM National Harbor, will open and become the sixth casino operating in the state. Located near Washington D.C., the casino takes the final gaming license offered in Maryland. Operators are hoping the location of the venue will bring in guests from all areas, visitors to the capital as well as those in nearby states.
There was worry that the new casino would take away from existing venues but MGM has reported that they do not feel the new property will take away from other venues as they plan on focusing on out-of-state gamblers. Their eyes are on Virginia which is not currently offering casino gaming as the activity is illegal.
In the past, when other venues opened this has been the same worry but there was no negative impact. Maryland Live was worried during the opening of the Horseshoe back in 2014 but earnings were not impacted.
To be able to provide compensation for the impact expected by the National Harbor casino, the state has decided to provide tax breaks to other casinos. The slot tax for Maryland Live will drop to 36% from 43% while the Horseshoe will see their slot rate fall to 39% from 45%. Both properties also saw the amount due to the racing industry dropped by 6%.
Overall, it will be interesting to see the impact on revenues once the MGM National Harbor is in the mix. The state already does quite well so adding a new venue should see the state hit the $100 million mark yet again and possibly several months running as players take advantage of what MGM has to offer.