Maryland Casinos Continue to See Quality Revenue Numbers
For the fourth time since first being offered, the casinos in the state of Maryland have topped the $100 million mark.
The goal of casinos across the United States is to produce revenues. Gaming venues want to bring in high traffic numbers to see their revenues soar. Casinos that produce good revenues numbers will stay in business much longer than those who are seeing less than stellar numbers. Across the United States, casinos are reporting quality revenues, with Maryland starting to take the lead as a state to contend with when it comes to casino revenue numbers.
Topping the $100 Million Mark
Maryland has continued to see large numbers when it comes to monthly revenues, surpassing the $100 million mark four time since offering casino gaming for the very first time in 2010. Casinos have only been available in the state for going on six years now and each year, it seems the industry continues to grow and expand.
The state now offers five casino venues which were able to generate $100.3 million for the month of August. This was the four time since 2010 that the gaming venues were able to surpass this number. For August 2016, casino gaming venues were able to see an increase in revenue earnings when compared to 2015 of the same money by 3.7%.
The Maryland Lottery and Gaming Control Agency reported the recent figure numbers and stated that this was the 9th straight month that the casinos of the state were able to see combined revenue gains. The last time the state saw a decrease in such earnings was back in November and that drop was only one half of one percent.
August Earning Reports
The gains for the month were led by Maryland Live, which is the largest venue in the state. The casino is locally owned and was able to bring in $55.9 million from slot gaming and table games. This was an increase of over 7% from the same time frame last year. The casino is located next to the Arundel Mills mall and will soon be adding a new hotel, event center and spa, which will cost $200 million to create, a project that is sure to bring even more gamers to the casino venue.
The casino actually earned their second highest month ever in July of this year, earning $60.4 million. The casino was the top earner each month until the Horseshoe Casino Baltimore was opened which created a new area of competition.
Every casino in the state was able to see an increase in earnings except the Hollywood Casino Perryville. The Horseshoe earned $27.7 million for August which was a 0.5% increase. Ocean Downs earned $6.2 million which was just over 2% in increase while the Rocky Gap Casino Resort earned $4.5 million which as a 3.4% increase. The Hollywood Casino Perryville was the only venue to see a decrease in earnings which were quite significant at 9.5%. The total earnings for the casino were $5.9 million.
Only Going to Continue
The top earnings for the state should only continue as the gaming industry continues to expand. A sixth casino is in the works, to be located in Prince George’s County. The MGM National Harbor is a huge project that should be completed by the end of the year. This will see even more overall total revenues for the state. If the earnings continue on an upward trend, there should be no drop under the $100 million mark once the new venue is open for business. It will be interesting to see if more gaming revenues are earned or if the new casino will be taking away business from other casinos in the state.