Maryland Casinos Achieve Record High Revenues in July
This past August, Maryland's land-based casinos have reason to celebrate their financial success.
In the context of the recent expansion of casinos in the northeastern region, Maryland's gambling industry has been a notable topic. We've witnessed the growth of Pennsylvania's gaming industry, the planned new casinos in New York and Massachusetts, Connecticut's plans to construct another casino, and Atlantic City's ongoing battle with increased competition.
However, it's not just these major stories in the region that deserve attention - Maryland has been quietly building its own casino scene. This small coastal state set a new record monthly gambling haul, thanks to its five casinos.
Maryland's Casino Industry Grows at a Rapid Pace
The Maryland Lottery and Gaming Control Agency reported that these five casinos generated almost $99 million last month, which is about a 30% increase compared to July 2014. Additionally, the revenues grew by 8% from what they brought in during June of this year.
The two factors attributed to this revenue boost were seasonal vacationers visiting the state and enjoying the beach weather, many of whom stopped by one or more of the local casinos. A more significant contributor, however, was the opening of the Horseshoe Casino Baltimore, which began taking bets in late-August last year, adding $24.4 million to the previous month's earnings.
Although the other four casinos experienced a two percent decrease in revenue compared to the same period last year, the market's saturation hadn't seemed to materialize, suggesting that the Horseshoe's arrival didn't cause significant business losses for any of the other casinos.
This promising trend will be tested next year when the MGM National Harbor is set to open. Placed in a resort town known for hosting events and conventions, the casino's impact on the market will be keenly watched.
Maryland Live Casinos Slip, but Still Draw Big Crowds
The biggest casino in Maryland, the Maryland Live Casino in Hanover, brought in almost $57 million last month. This figure represents a decline of over two percent when compared to the previous year. The Hollywood Casino Perryville also faced losses, generating only $6.9 million, a drop of more than eight percent from the previous year.
On the other hand, the Casino at Ocean Downs and the Rocky Gap Casino both recorded annual gains. The former earned $6.3 million, while the latter collected $4.3 million, both increasing by over four percent.
The state enjoyed a new revenue record during the month, surpassing its previous high of $96.3 million, which had been reached in May of this year.
Though these figures may not be especially noteworthy on their own, the fact that they came from a state with only slightly under 6 million residents is impressive. Maryland law stipulates that casinos only get to keep about 39% of their earnings, with the remaining amount going into state coffers to fund education programs, among other things.
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