Maryland Casino Revenues Soar Unremittingly

Maryland Casino Revenues Soar Unremittingly

The gambling landscape of Maryland is reporting a continuous casino revenue trend according to the state’s Lottery and associated gaming officials. The incline has been monitored for the past four months, only to record a gross total income of $143.8 million in September. The end result is that six casinos in the state contributed to a 6.9 per cent year-over-year surge.

MGM: A Leading Revenue Producer

The highest earning casino in the state is MGM’s National Harbor, opened in December 2016. Last month, the venue topped $54.4 million in revenue, reaching a 10.3 per cent year-over-year increase. The establishment has 3,137 slot machines and 198 table games.

On January 1st, 2018 the company adjusted its previously reported financial results, due to the adoption of new accounting standards (ASC 606). On that occasion, Jim Murren, chairman and CEO of MGM Resorts said:

“Our second quarter came in better than we expected and we made significant progress to capitalize on future growth opportunities in sports betting and Japan. Earlier this week, we announced major alliances with GVC, Boyd Gaming and the NBA to cement our leadership position in the developing sports betting market in the U.S. Further, the recent passage of Japan’s Integrated Resort Implementation Act is another historic milestone, and we believe we are well positioned in that market.”

Similarly, Anne Arundel County’s Live Casino & Hotel reported $50.3 million in income in September 2018, achieving a 7.1 per cent year-over-year growth.

That Bad Baccarat Dealer…

…at National Harbor who was charged for involvement in a cheating conspiracy that scooped over $1 million is finally convicted. After pleading guilty for transporting stolen funds from the casino, Ming Zhang could face up to five years in prison, although he must appear in federal court on January 31, 2019.

September Reports Decliners As Well

Unfortunately, the month of September has also indexed two decliners – Horseshoe Casino Baltimore (2,199 slot machines and 167 table games) and Rocky Gap (657 slot machines plus 17 table games). Due to the rumors that Dan Gilbert, owner of a shared venture of Caesars Entertainment and JACK Entertainment, wants to sell his gaming holdings, there has been a decrease in year-on-year growth, resulting in $20.6 million or 1.6 per cent.

Accordingly, the bottom of the chart also recorded a 1.3% drop or $4.6 million at the other establishment, right next to Ocean Downs ($7.5 million) and Hollywood Casino Perryville ($6.3 million).

Meanwhile, a double-digit figure at OD in September came thanks to the $769k increment based on the addition of table games last December. The property’s new 18 table games have contributed approximately $5.9M to the venue’s annual count.

Source:

“Gambling revenues continue to soar in Maryland”, Niji Ng, europeangaming.eu, October 8, 2018.

“Maryland casinos have fourth-best revenue month in September”, Peter Amsel, calvinayre.com, October 9, 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

*
*
*