Maryland Sees Record-Breaking Casino Revenues in December
Maryland earns recording-breaking casino revenues for December with the opening of the MGM National Harbor.
For some time now, the state of Maryland has only offer five casino gaming venues. In early December, the MGM National Harbor casino and resort opened, which provided a sixth venue in the mix. For 2016, Maryland was able to see record setting casino revenues earned, surpassing the $100 million mark several times. In December, the state set a new record as they had the added revenues of the MGM venue included in totals.
Hitting a New High
For December, the state earned a total of $133.5 million in revenues. The amount was heavily influenced by the earnings of the MGM National Harbor. Being open just 24 days in the month, MGM was able to bring in $41.9 million. Without this amount, the state would not have pushed past the $100 million mark.
The MGM National Harbor opened on the 8th of December in Prince George County. The $1.4 billion casino and resort was immediately popular with players coming from across the state and neighboring states to see what the property had to offer. The grand opening as well as weeks after included big name performers by way of entertainment as well as the holidays helping to push attendance numbers up.
While overall the impact of the venue was positive, there was a negative. Maryland Live Casino is the closest competitor to the MGM National Harbor who saw a decrease in earnings, though this was expected.
Overall, the state was able to beat their previous record of casino monthly revenues from May of 2016 which was set at $104.4 million. This was done with just five casinos in operation. When comparing the totals of December 2015 to the same month in 2016, the increase in earnings is just over 40%.
Gordon Medenica is the Director of Maryland Lottery and Gaming who stated that it was anticipated the December would be a record breaking month with the addition of the sixth casinos. The results have made the group enthusiastic about the future of casino gaming in the state. They are confident that the MGM National Harbor will be a success and will help to see continued growth by way of revenues which will be used for state programs.
A Look at the Numbers
Even though Maryland Live was down when compared to December 2015, by 11.4%, the casino had the highest revenues of any gaming facility for the month, with $48 million in earnings. The Horseshoe was expected to lose player traffic during December but revenues still managed to be up when comparing year on year. $29.7 million was earned which is a 9.1% increase when compared to the year before.
Both Rocky Gap Casino Resort and Casino at Ocean Downs were able to see increase in revenues. Rocky Gap earned $3.5 million which is a small 1.1% increase. For Ocean Downs, the totals came in at $4.1 million which was an increase of just over 6%. Posting a decline in revenues was the Hollywood Casino Perryville which was down 3.9% with earnings of $6.1 million.
Even though the spotlight was on the MGM National Harbor, Medenica was happy to see that the other casinos in the state were able to stay in line with expectations and show an increase in earnings, especially the Horseshoe. Medenica feels that the casino program of the state will only continue to evolve with each gaming venue creating a presence in the marketplace.
It will be interesting to see how the revenues stack up with the MGM facility in a full month’s operation. The totals for January should be out some time in early February.