CASINO

Maryland Live! reports June tax and revenue figures; claims to be “in line with projections”

TAGs: Business, Casino News, Maryland, Maryland Live!

Marylands MD liveA month after it opened Phase I of its casino complex, Maryland Live! appears to have had a healthy first 30 days, or at least right in line with their projections.

The new $500 million gaming complex reported a revenue of $28,481,477.63 with the casino sending somewhere north of $19 million to the state of Maryland as part of the 67% gaming tax it was required to pay.

Joe Weinber, managing partner of the Cordish Companies that’s responsible for developing the gaming destination, said in a press release that Maryland Live! saw a healthy influx of traffic in its first month of operations, most of whom came from surrounding areas of the casino.

“Approximately 500,000 people visited the casino during its first 24 days of operation,” he said.

“Critically, they came from a very wide geographic area, with roughly half of our visitors coming from the District of Columbia, the Maryland counties surrounding D.C., and Virginia. It is clear that if we are going to continue to meet the State’s expectations, we have to be able to continue to draw visitors from these areas.”

As the 3rd largest commercial casino in the US, a lot was riding on how Maryland Live! would perform in its first month of operations and for the most part, everybody, operators and customers alike, seemed to be pleased with how everything has gone so far. The casino has even paid out more than $169 million to customers in its first month, including $6.8 million in jackpots of $1,200 or higher.

“We’ve delivered a true Las Vegas-style customer experience combined with the convenience of a regional facility,” said Robert J. Norton, President and General Manager, Maryland Live! Casino.

From here, the casino’s continued expansion will give rise to additional gambling options that could feature up to 1,575 more slots and electronic table games by November 2012. The hope is by its completion this fall, Maryland Live! will have a total of 4,750 slot machines and electronic table games to go with a host of entertainment and dining amenities.

All told, Maryland Live! will be occupying 330,000 square feet with the gambling floor making up 160,000 square feet of space. Once its fully open, the casino will be able to accommodate around 15,000 people, including over 1,500 employees.

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com