Horseshoe Casino Baltimore reports record low revenue in June


horseshoe-casino-baltimore-record-low-gaming-revenueMaryland’s casino gaming revenue fell again in June, but Horseshoe Casino Baltimore’s decline was one for the record books.

Figures released Monday by the Maryland Lottery and Gaming Control Agency showed the state’s six licensed casino operators generated combined gaming revenue of $142.9m, a 4% decline from the same month last year and $10m less than the casinos reported in May 2019.

Statewide slots revenue improved 1.6% year-on-year to $95.25m in June, but the table game tally was down nearly 14% to $47.6m. So either a string of high-rollers played luckier than usual or they took their business elsewhere last month.

In what has become as predictable as Donald Trump uttering a demonstrable falsehood, MGM Resorts’ National Harbor property led June’s revenue chart with just under $56.9m, down 4.1% year-on-year, only the second monthly decline since the property’s December 2016 launch (but the second month in a row). Mirroring the statewide profile, National Harbor’s slots were up $3m to $33.6m while its tables were down $5.4m to $23.3m.

Just as it did in May, Live! Casino & Hotel headed in the opposite direction from National Harbor, with total revenue up 1.7% to $49m. Live! was one of only two casinos to produce positive momentum in June.

By comparison, Horseshoe Casino Baltimore generated less than $18.7m in June, a debilitating 18.2% decline from the same month last year and the property’s lowest revenue tally since it opened in August 2014. The Shoe’s previous worst showing was the $19.5m set last November but it appears that new depths may yet be plumbed.

The Shoe is one of the properties being absorbed via Eldorado Resorts deal with Caesars Entertainment. Expect the new owners to quickly figure out some way of jumpstarting the Shoe’s fortunes, pass on this dud to another operator, or change that horseshoe icon into a more appropriate anchor.

As for the state’s lesser lights, Ocean Downs Casino fell 4.8% to $6.85m, but that was still enough to outpace Hollywood Casino Perryville ($6.4m, -3.9%) and Rocky Gap ($5.1m, +7.5%).