For the seventh consecutive month, the Maryland casinos have seen an increase in revenue generated, with their latest accomplishment coming in June. This year-on-year revenue gain has been on a hot streak and is amazing news to the operators and the state, despite the fact that they did not break the $100M mark, they are still posting in the positive numbers.
June Flowers Bring Casino Profits
The latest month to show improvement year-over-year was June, as the Maryland Lottery and Gaming Control Agency released the numbers showing the positive improvement over last year. The five casinos operating in Maryland generated combined revenue of $93.3M, which is an increase of 2.1% over the same month last year. These gains are broken down:
- Slots revenue increased 6.6% (370M)
- Table games revenue increased 17.5% ($211M)
The increase seen in June was the smallest the state has seen in recent months, and it also failed to continue the two-month streak of going over $100M. With the first half of 2016 over with, the overall revenue numbers are up 8.5%, bringing in $581.1 million so far. The five casinos performed as following,
|Casino||June Revenue||% Increase/Decrease|
|Horseshoe Casino Baltimore||$24.4M||+5.8%|
Improvements to be Made with Upcoming Competition
With the opening of the MGM National Harbor casino coming up in August, the extra competition is making the Maryland Live owners expand and renovate their own casino. They will be spending nearly $200m to build a new 17-story hotel and convention center that will include a 1,500 square feet theater, spa, and restaurants.
With the new casino, it is estimated that the Maryland Live could lose up to 17% of its business, and the Horseshoe Casino Baltimore would lose 7%. It is a good time to get nervous and make sure to keep your clients.