CASINO

Maryland casinos top $100m for third time; CDI buys Ocean Downs casino

TAGs: Casino at Ocean Downs, churchill downs incorporated, Maryland, saratoga casino and raceway

ocean-downs-casino-soldAfter a so-so June, Maryland’s casinos roared back to life with another $100m+ performance in July.

According to the Maryland Gaming Control Board, the state’s five casinos earned total revenue of $103.8m last month, 5% higher than the same month last year.

July’s total is just shy of May’s record $104.4m but $10.5m more than June’s total. It’s also the third month this year – and third in the last four months – in which the revenue total has topped $100m.

As usual, the bulk of the tally came courtesy of Maryland Live, which reported just under $60.5m in slots and table revenue, up 6.2% year-on-year. Horseshoe Casino Baltimore was well back at $25m, up 2.5%. The three bit players ranked as follows: Hollywood Casino Perryville (($6.7m), Ocean Downs ($6.5m) and Rocky Gap ($5m).

Speaking of Ocean Downs, both the casino and its adjoining racetrack were sold last week to Old Bay Gaming and Racing, a joint venture of racetrack/casino/social gaming operator Churchill Downs Inc. (CDI) and Saratoga Casino Holdings, which operates the popular New York racino of the same name.

CDI and Saratoga will each own a 50% stake in Ocean Downs, but since CDI owns a 25% share of Saratoga, CDI’s stake will actually be 62.5%. Financial terms weren’t disclosed. The deal is expected to close later this year pending regulatory approval.

Ocean Downs’ casino opened in 2010 and long-time owner William Rickman Jr. will stay on with the casino as a senior advisor. Rickman said he would work closely with the property’s new owners, who he described as “two organizations with worldwide reputations for excellence in gaming and horseracing.”

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