On Tuesday, the Lottery and Gaming Control Agency released figures that show March makes the fourth consecutive month of revenue gains for Maryland casinos.
During the month of March, the state’s five casinos generated their second highest total at $97.8 million. In July 2015, the record was set at $98.9 million. Compared to the same time last year in March, each casino’s revenue increased. The biggest increase was recorded at the Horseshoe Casino Baltimore. The casino recorded an 11.9 percent increase to $27.6 million. Last month Horseshoe hosted a World Series of Poker circuit event, which attracted players from around the country; no doubt giving the casino’s revenue a boost for the month. Horseshoe cited as much in a statement on Tuesday, calling the event “market exclusive,” according to The Baltimore Sun. A division of Caesars owns the World Series brand, which it acquired in 2004, enabling Horseshoe to use it.
At the state’s largest casino, Maryland Live, revenue was up 5.2 percent to $54.6 million. Like Horseshoe, it has also hosted an event on the competing World Poker Tour.
Hollywood Casino Perryville in Cecil County recorded an 8.1 percent revenue increase, to $7.0 million; revenue at Rocky Gap in Allegany County rose by 6.3 percent, to $4.0 million, while revenue at the slots-only Ocean Downs in Worcester County saw an increase of 11.2 percent, to $4.4 million.
Residents have been left with more disposable income due to favorable economic conditions in the region, which has aided casinos, according to casino analyst James Karmel. The Hartford Community College history professor said a lot of the right conditions exist in Maryland and, “There is a high median income per capita, a relatively stable economy connected to the government and contracting. And Maryland has a relatively high educational level, which is actually good for casinos.” He also credited successful marketing programs at the casinos, which have been able to retain the state’s players and possibly attract them from other states.
In November, the state’s collective revenue dropped by approximately half of 1 percent, which was the last time a decrease was recorded for Maryland’s casinos.
The state’s casinos, however, will soon face new competition with MGM National Harbor in Prince George’s County expected to open on July 4 of this year. The sixth license to operate a casino in Prince George’s County was awarded to MGM Resorts International by Maryland voters in December 2013, and in May 2014, construction began. MGM’s plans for the mega-complex include 125,000 square feet of gaming floor with 36 table games and 3,600 slot machines.