Maryland Live to Undergo Major Transition
Maryland Live will be changing its name and undergoing a major remodel as part of a new transitional phase.
When Maryland Live casino opened in Anne Arundel County five years ago, it was received with open arms. The venue was loved by visitors and helped the state of Maryland to be able to bring in much needed revenues. Because of the venues success, it is surprising to hear that the casino now plans on changing its name and undergoing a major remodel as a transition phase in order to be able to maintain customers due to competition.
Live Casino & Hotel
The casino is currently celebrating its 5th anniversary in operation and the Cordish Cos. has now decided to rename the venue Live Casino & Hotel. Video poker machines will be removed from the gambling floor as part of the transition as well as a new hotel in the works. The casino will be removing the video poker machines in order to provide access to the $200 million hotel that is currently under construction. The hotel will have 310 guest rooms and this area will provide access directly to the gambling floor.
Since Live opened in 2012, new competition has been created. The Horseshoe Casino Baltimore was opened in 2014 and the MGM National Harbor opened last December, both making it hard for the Live venue to continue with strong revenues.
Live actually lost a big market share with the two venues opening. In May 2016, the casino was down more than 22% in revenues with $45.9 million earned. For this year, each month has seen the casino go down in revenues starting with a more than 15% decrease in January to a more than 20% decrease this past April.
MGM a Major Player
With MGM in the picture, both the Live venue and the Horseshoe saw losses. MGM was able to see a monthly revenue earning of $50.5 million for May while Horseshoe was down just over 18% with $23.5 million in earnings.
It was predicted back in late 2013 that if MGM were to be given licensing and a casino come to fruition that at least 23% of the revenue from Live would be taken by the new casino. According to analysts, the impact has happened but has not been as sizable as Live predicted. Reportedly, MGM does have an advantage during the summer season as the venue is close to Washington D.C. which is a major tourist area of the US.
However, there still is reportedly still enough business for both to be successful and gaining regular customers for their given venue. Maryland has actually been doing quite well overall when it comes to gambling revenues. The state has continued to earn more than $100 million each month in revenues when totaling up each gaming venue. For the most part, there have been gains or the big players have helped to offset any losses.
Live was hoping that changing their name and doing a few upgrades to the property would help. The casino actually change their name back in September when ground broke for the new hotel but the new Live brand has not exactly caught on. The hotel is expected to open in 2018 and will provide additional space for guests who visit the property and this should help the overall bottom line of the venue. The hotel is supposed to be the first of many new guest quarters to feature the new brand. Others are to be created by the Cordish company in Philadelphia and Arlington, Texas.