National Harbor Earns Record Revenues
MGM Resorts National Harbor Casino of Maryland continues to set revenue records.
Since opening in December of 2016, the MGM Resorts National Harbor has been setting record after record. The casino has been extremely popular among residents of Maryland as well as visitors to the state. Each month, it seems the casino is able to outdo the previous months revenues, earning more and more as the days go back. For August, the casino was able to see a huge increase in earnings, setting a new earnings record in the process.
August Revenue Totals
On Wednesday, the Maryland Lottery and Gaming Control Agency released the August figures which showed that the six gaming operators in the state earned combined revenues of close to $137.5 million. This was over 37% more than August of last year but less than the previous month. MGM National Harbor did not open until December of last year, so technically you can’t count them when comparing year on year totals. By removing the MGM property from the numbers, the state actually saw a decrease in earnings for August of just over 15%.
MGM Remains the Front Runner
As always, the MGM National Harbor continues to be the top earner for the state. For August, the casino earned a total of $52.9 million. This was a new record for the casino, easily moving past the previous record set in March of this year at $51.2 million. Table games improved by a couple million, up to $27.3 million. The casino has been hugely successfully, with five of the past six months bringing in over $50 million. April just missed out of the mark with earnings of $49.9m.
Live Casino & Hotel of the Cordish Company was the former number one earner in the state but has easily been surpassed by MGM. Live was able to earn $44.75 million which is almost 1/5 less than what was earned last August. In third place was the Horseshoe Casino Baltimore. This property saw revenues drop more than 21% with $21.8 million in earnings.
The remaining casinos all saw increases in earnings. Ocean Downs was up 12% with $6.9 million generated while Hollywood Casino Perryville was up 5.4% with $6.2 million earned. Rock Gap brought in $4.8 million which is a 6% increase for the year.
MGM Sells Land
In other news involving the MGM Resorts brand, the company recently sold the land underneath MGM National Harbor to MGM Growth Properties. This company is a real estate investment trust that was spun from the MGM brand in 2015. The deal will see MGM Growth Properties purchase the lease of the property and then MGM Resorts will then lease the property back.
MGM Growth Properties will be paying MGM Resorts $1.1875 billion in the deal with $462.5 million of that amount provided in cash. The rent for National Harbor will go up $95 million but it seems this won’t really affect MGM as they own a large portion of MGM Growth Properties.
Back to Casinos
It is interesting to note the way that National Harbor has charged in and taken over the market. Many felt that Maryland might become saturated and the other gaming venues might suffer, especially the smaller casinos like Ocean Downs. However, it seems that gaming is at an all-time high and players continue to visit the casinos enjoying their favorite games and spending money. Once the new wears off, will National Harbor be able to hold on to the top spot or will they find themselves defeated by the once number one position holder Live?