As was expected, the MGM National Harbor has taken the top spot in Maryland in terms of casino revenues. The newly opened casino from MGM Resorts has dethroned Maryland Live, which was the state’s most popular casino and the leader in terms of gross gaming revenue (GGR) in the state of Maryland.
The latest report from Maryland Lottery and Gaming reveals that National Harbor has clocked revenue of $48.8 million in its first full calendar month of operation versus the $44 million reported by Maryland Live. Overall the six land-based casinos operational in the state generated revenue of $126.2 million in January which is 43 percent higher than what was reported in January 2016.
However if revenue from MGM National Harbor is excluded , it would result in a drop of $11 million for the industry which would be a 12.4 percent decline year-on- year. Both table games and slots contributed nearly equally to MGM National Harbor’s revenue. MGM’s casino resort which opened on Dec. 8 offers players 165 table games and 3,237 slot machines.
Maryland Live’s revenue was lower by 15.5 percent over last year with table games seeing a 20 percent drop. Slots performed better with only a 10 percent drop to $28 million. Other casinos had mixed fortunes. Caesars Entertainment’s Horseshoe Casino Baltimore, saw revenue of $20.2 million in January, a decline of 15 percent year-on- year. While slots revenue remained flat at $12.3 million, table games revenue fell by over 30 percent to $7.9 million. However the Horseshoe casino had experienced a 9.1 percent revenue increase in December despite MGM National Harbor’s opening.
Revenue for Ocean Downs Casino was down by 1.2 percent to $3.7 million while Hollywood Casino Perryville climbed by 4.6 percent to reach $5.8 million and finally Rocky Gap went up by 11.8 percent to record $3.7 million. National Harbor’s performance in January is likely to have been boosted as a result of its lavish celebrations of the Chinese New Year that fell on Jan. 28. Among other festivities, the casino had hosted a performance by popular Chinese pop group Band of Brothers.
Casino officials belonging to Maryland Live and Horseshoe said that they were anticipating a drop off in revenue for a few months when interest in the National Harbor casino would be high before levelling.
In a statement Erin Chamberlin, General Manager of Horseshoe Casino said,
“Folks generally come and try out the new product, we expected that. The hope of all the operations is that we’re increasing the number of gamers in the market, not just spreading around the same amount of gamers. We’re hoping that will be the long-term case and we’ll see growth in Maryland.”