Casinos in Maryland continued their winning streak in November, the last month before the new MGM National Harbor opens to the public.
Figures released Monday by the Maryland Lottery and Gaming Control Agency show the state’s five casinos brought in just under $92m in November, 2.5% more than the same month last year. The year-on-year gain extended the state’s revenue winning streak to 12 straight months.
As ever, Maryland Live! led the revenue chart with $50.2m, although this was down 2.7% year-on-year due to a $4m slots decline. Caesars’ Horseshoe Casino Baltimore maintained second place with $28.5m, up an impressive 16% year-on-year thanks to its slots improving by $3.6m.
Hollywood Casino Perryville ranked third with $5.6m, down 7% year-on-year, while Ocean Downs and Rocky Gap tied at just under $3.8m apiece, which represented a 5.6% gain for Rocky Gap and a 1.7% decline at Ocean Downs.
Thursday night brings the launch of the state’s sixth, largest and final casino, MGM Resorts’ $1.4b National Harbor project, which is located just across the Potomac River from Virginia and a stone’s throw from Washington, DC. MGM is playing on this proximity, boasting that National Harbor will offer a casino floor “bigger than the White House.”
MGM is confident that its new property won’t cannibalize the state’s existing gaming market, touting its plan to attract more out-of-state gamblers, particularly from Virginia, which has yet to legalize casinos. Market leader Maryland Live has withstood earlier challenges, as the August 2014 launch of the Horseshoe failed to dent its earnings.
The state’s other casinos received tax breaks to compensate for National Harbor’s expected impact on their business. Maryland Live’s slots tax will fall from 43% to 36%, while the Horseshoe’s rate will fall from 45% to 39%. Both properties saw their kickback to the state’s racing industry fall by a point to 6%.
