Pennsylvania casino slot machine revenue nudged up 1.1% to $183.2m in February. Seven of the state’s 12 casinos posted year-on-year gains, including the market leading Parx Casino, which rose 7.3% to $29.6m. Rivers Casino ranked second with $22.5m (-3%), relegating Sands Bethlehem to third place with $22m (+5.5%). February’s tally was $2.2m more than January’s total.
Across the border in Maryland, the state’s five casinos earned $82.8m in February. That makes three straight months of declines since the state peaked at $90.2m in November. Revenue records had been falling left right and center since Horseshoe Casino Baltimore opened in late August but the thrill has apparently worn off.
As ever, Maryland Live! topped all comers with just under $47m, down $2.4m from January. The aforementioned Horseshoe suffered a much smaller decline, falling only about $150k to just under $23m. As for the state’s lesser lights, Hollywood Casino Perryville earned $6m, unchanged from January. Rocky Gap earned $3.5m (+16%) and Ocean Downs was unchanged from January at $3.3m.
Looking at things from a year-on-year perspective, the four casinos that were open in February 2014 had a much rougher time. Maryland Live! was down 10.2%, Ocean Downs fell 4.9% and Perryville fell 14.7%. Rocky Gap bucked the trend by rising 11.7% year-on-year. Minus the Horseshoe, the state’s year-on-year total is off 9.4%.
Operators insist that February’s decline was in part due to wretched weather. But since the snow didn’t seem to stop Pennsylvania’s casinos from posting gains, concerns are mounting that Maryland’s market is saturated. Meanwhile, MGM Resorts is on track to open its new National Harbor venue next year and the state legislature is considering a measure that would slots at BWI Thurgood Marshall Airport in Baltimore (informally known as the Bad Idea Act of 2015).
The Shoe’s revenue has been remarkably constant, averaging $22.8m in its six full months of existence, but that’s about 35% below projections. In January, the Shoe got the okay to exchange around 300 of its slots for 30 extra gaming tables, while Maryland Live! traded in 300 slots for 13 tables. Not that it helped either casino that much.
