National Harbor Remains Top Venue in Maryland
MGM Resorts’ National Harbor continues to be the top earner when it comes to Maryland gaming revenues.
Maryland has seen great success in the past few months as revenues have been hitting record numbers. The six licensed casinos of the state continue to do well, with MGM Resorts National Harbor continually outshining their competitors. The National Harbor casino is coming up on its one year anniversary and in that time, has been a driving force behind the state surpassing $100 million in monthly earnings month after month.
MGM Resorts opened the National Harbor casino in December of last year and since that time, the casino has continued to earn massive revenue numbers each and every month. Since the venue opened, the state has been able to surpass the $100 million mark on a continual basis. For October, the casino was able to earn yet another grand total, this time falling just under their all-time record for gaming revenues.
On Monday, the state Lottery and Gaming agency released the figures for the month of October. In total, the six casinos in operation created just over $133 million in revenues. When compared to October 2016, the is close to 40% more for the month. If you take away the MGM property revenues, the five venues that remain would actually see a loss of close to 15% when compared to the same time frame last year. The MGM property has made a huge impact on the market and continues to bring about large gaming revenues for the state.
For October, National Harbor brought in a little less than $52 million. This is just short of their record earnings from August where $52.9 million was generated. For October, the slot games reigned supreme for the venue, with just over $27 million earned. Table games generated $24.8 million.
Remaining Venue Totals
In the past, the Live! Casino of the Cordish group was the top dog, yet they have not been able to regain the top spot from National Harbor. For October, the venue was runner up yet again with revenue totals coming in at $45.8 million. This is close to 14% less than what was earned in October of last year. Table games and slots both dropped in the double digits with slots earning just over $29 million and table games bringing in $16.5 million.
To try and compete with the National Harbor Casino, Live! recently began working on a few renovations. They plan to create a new hotel with 310 guest rooms, costing $200 million once finished. A new entertainment venue will also be included for live events. The hotel expected to be ready by spring of next year.
Looking at other gaming venues of the state, the Horseshoe Casino Baltimore saw a big drop when comparing year on year totals. The casino earned just $19.6 million which is over 26% less than last year. Table games were the big reason behind the casino falling short, with only $7.15 million earned. This is a drop of almost 50%.
Hollywood Casino Perryville and Rocky Gap also saw revenue declines. Hollywood was down 0.7% while Rock Gap dropped just over 1%. Ocean Downs was actually up with $5.3 million earned in October, an increase of 7.2%.
It will be interesting to see how the year plays out and then how the casinos fare going in to next year. In 2018, we will be comparing the totals from this year of course, so it will be interesting to see how well the National Harbor does and if they will continue to remain the top venue of the state.