For 2016, Maryland Casinos have been impressive, extending their revenue winning streak once again in October.
2016 has been a great year for casinos in the state of Maryland. For months now, the casinos have earned quality revenues, hitting over the $100 million mark several times. The casinos operating in the state were able to maintain their big winning streak in October as well, but only increasing revenue numbers a little bit.
Up Just Under 1% for October
A gain is a gain, no matter how small and Maryland saw a small gain in revenue wins for October with .8% more earned in 2016 than the same month last year. The five casinos of the state were able to bring in $95.5 million in total which created the 11th straight month that the state was able to see an increase in year on year totals. This is an amazing feat and proves that Maryland is a state to contend with when it comes to casino gaming.
Earlier this year, the state’s casinos were able to surpass the $100 million mark which was a great feat for the industry. In May, casinos earned $104.4 million and saw an 8.3% increase in revenue earnings when comparing May of this year to last year. The amount was actually a new record for the month and marked two months in a row that the state was able to go beyond the $100 million in earnings.
How Did Casinos Perform?
Considering the numbers for October, it is no surprise to hear that the casinos performed well. Maryland Live! was the top earner as far as total revenues are concerned for the month, earning $53.2 million. While this amount was the most earned by a casino in the state for October 2016, it was actually 3.2% less than the amount earned in October of 2015. The decline at the venue was mainly due to the slots totals which were down $1.1 million from last year.
The Horseshoe Casino Baltimore was able to earn a nice chunk of change with $26.6 million for the month, which was actually an increase in revenues of 7.9% when compared year on year. The increase was mainly due to additional table revenues of $2 million. The casino saw the second largest increase in revenue earnings when considering year on year totals.
The Hollywood Casino Perryville is another top venue of Maryland that was able to do well but did see a decrease in revenues. The casino earned close to $6 million but dropped 4.1% when compared to last year. Ocean Downs was up 6% with earnings of $4.9 million while Rocky Gap earned $4.7 million and gained from last year by 12.1%. Rocky Gap earned the top spot when it comes to increase in year on year gains.
Setting Up for Even More Revenues
The state of Maryland is potentially setting themselves up to earn even more revenues, possibly breaking the $100 million mark from here on out if gaming venues continue their strong performances. MGM Resorts National Harbor is a new casino set to open in the state by the 8th of December. The new venue will offer slots and table games, as well as a hotel with over 300 guest rooms and restaurants for dining. The venue will also have a live theater and two nightclubs for entertainment.
Once this venue is open, the state will be set to see even more revenues earned. It will be interesting to watch next year as the casino gets in full swing and the state is able to see even more revenue earnings now that six casinos will be in operation.