MGM National Harbor Hits $50m Mark for the Third Consecutive Month
Casinos in Maryland continue to see nice revenue earnings with the MGM National Harbor hitting the $50m mark for the third month running.
The state of Maryland has been one to watch in regards to the gaming industry as they have been outperforming themselves each and every month. For 2017, the state has reached the $100 million mark and easily surpassed it, earning record numbers when it comes to revenues. With the MGM Resorts National Harbor casino opening in December of last year, the state had yet another gaming venue to help push revenues over the edge.
The MGM National Harbor has been in operation for six full months and three of those months have seen more than $50 million earned by the venue. The casino continues to outperform its competitors as it sees more traffic and more money spent each and every month. On Wednesday, the Maryland Lottery and Gaming Control Agency released the latest figures for casino revenue earnings in the state, showing a total of $130.5 million earned in June. This was almost 40% more than what was earned in June 2016.
The largest casino in the state is now the MGM National Harbor, a venue that was unable to open until almost the end of December. If you take away this venue from the total earnings the state actually underperformed with a 14% year on year decline.
The casino was the top performer for June, earning $50.1 million for the month. This was $400,000 less than May earnings but still an amazing amount. The casino actually earned even more in March with $1.1 million more earned that month than in June.
In the past, the number one casino for the state was Live!, formerly known as Maryland Live! Casino. For June, the casino actually saw the biggest loss with 22% loss and only $41.8 million in earnings. Slots were down to $27.6 million which was just over 13% in decline. Table game figures were down just over $14 million.
Additional Declines and Increases
The Horseshoe Casino Baltimore earned just over $22 million in June but this was a decrease of 9.6% for the month when compared to the same month last year. Just over $2.3 million less was earned this year. The remaining casinos of the state were able to see an increase in revenues. For the Hollywood Casino Perryville, the venue earned just over $6.3 million for June. This was an increase of 5.8% with just over $350,000 in additional earnings this year.
The Casino at Ocean Downs earned $5,550,673 from slot gaming for June which is an increase of 9.5%. This venue operates 800 slot machines and does not have any table games on offer. For Rocky Gap Casino Resort, just over $4.5 million was earned with slot games and banked table games on offer. This was an increase of just over 8% when compared to June 2016.
In Maryland, the state law requires that casino revenue be used to support the state Education Trust Fund. Money is also used to help support businesses owned by women and minorities as well as small businesses. The horse racing industry as well as local jurisdictions and grants are also impacted.
The casinos are overseen by the Maryland Lottery and Gaming with the group providing guidance and direction to casino partners in regards to security, regulations, licensing and more. It will be interesting to see how the state continues to progress this year and if the earnings will continue to be high with casinos seeing an increase in earnings month after month.