Blaming the cold winter month of January 2014 has become a tired script these days, and yet here it is again as an excuse for a lackluster start to business. This time around, the businesses in question are the Maryland casinos, which accounted for “only” $66.2 million in revenue in the first month of the year. According to the Maryland Lottery and Gaming Control Agency, that figure is the third lowest monthly total it has had since the Rocky Gap Casino Resort opened in May to complete the four casinos in the state.
December 2013 holds the distinction of being the worst revenue month, accounting for $65 million in revenues, followed by $65.3 million back in September 2013. The numbers do reflect an improvement on year-on-year figures, in large part due to the absence of Rocky Gap Casino this time last year. Taking into account that caveat, the state still reported a 43-percent revenue increase compared to the figures it earned this month last year. Still, that $66.2 million figure could’ve been better, especially if the three casinos not named Maryland Live begin to assert their sparkling establishments to the people.
It’s worth noting that Maryland Live! is still five heads and five shoulders ahead of its competition, accounting for $53.7 million of the state’s total revenue haul in January, or 81.1 percent of the proverbial pie. That’s a far cry from second-place finisher, Hollywood Casino in Perryville, which only took home $6.3 million in revenues, or about 9.5 percent of the total revenue. Meanwhile, Casino at Oceans Down reaped in just $3.2 million for the month, or about 4.8 percent of the total, followed by the eight-month old Rocky Gap Casino, which accounted for $3 million of the total revenue, or 4.6 percent of the total.
The less-than-stellar casino revenue numbers for January shouldn’t be cause to pause for these four casinos. Rocky Gap, for one, is still trying to gain its footing as a neophyte in the market. And Maryland Live is still raking in from the cashier, posting revenue figures that are pretty much in line with what it hauls in any given month. Plus, it’s got some pretty interesting events lined up in the next couple of months, including a $1 million Guaranteed Poker Series scheduled for this coming March.
If these four casinos hope to get their revenues up, though, the onus is on the other three to step up their games, now more than ever because the growing competition in neighboring states isn’t likely to do any of them any favors.
