.

Revenue From Maryland Live! Rises, Perryville Casino Lags

The Maryland Lottery said the state's three casinos brought in $48 million in July, with about $33 million going to the state. Maryland Live! saw revenue rise by 25 percent in its second month.

Action at the Maryland Live! casino drove record gambling revenues to the state in July, but revenue lagged at one of the other facilities in the state, the Maryland Lottery reported Monday.

The three casinos in Maryland brought in $48 million in revenue in July, paced by $35 million from the new Maryland Live! facility at Arundel Mills.

The overall casino revenue in the state increased by about $8 million. But revenue dropped at the Hollywood Casino in Perryille, which has seen its income drop by nearly one-third in the last 12 months.

In July, Maryland Live! saw revenue grow 25 percent, up from from $28 million in June. (The casino opened on June 6.)

Casinos kept about $15.8 million of the revenue in July, with the rest distributed to Maryland’s Education Trust fund, the horse racing industry, the Maryland Lottery, and local businesses.

The casinos funneled $23.3 million to the education trust fund, up from $19.8 million in June.

Maryland Live! officials said revenues were in line with their projections.

The casino paid out $195.6 million to casino customers in July, with $8.7 million in jackpots of $1,200 or higher.

Casino revenue is expected to rise further this year, as Maryland Live! collects added on July 27. (It is now up to 3,171 terminals.) The casino is also building a concert stage and additional restaurants.

But July figures suggest that increases in revenue from Maryland Live! could be offset at least partially by losses elsewhere.

Revenue from Hollywoo Casino in Perryville fell from $7.9 million in June to $6.9 million in July. It also declined about $3.3 million—or 32 percent—from July of 2011.

Officials from the Cordish Companies, which operates Maryland Live!, said the loss of casino revenue at Perryville underscores their concern that the addition of more casinos in the state will lead to oversaturation. They have opposed efforts by Gov. Martin O’Malley and the state legislature to approve a license for a new casino at National Harbor in Prince George’s County.

Maryland currently has three operational casinos. A license has been granted for a fourth facility in Baltimore City and another in Allegeny County.

The legislature will meet in a special session beginning Friday.

“The July numbers reinforce it is premature for the State to consider an expansion of gaming before ensuring that Maryland can actually support the five existing licenses,” said Joe Weinberg, Managing Partner of the Cordish Companies, in a press release. “Maryland Live!’s results show approximately 50 percent of its customer base is from the District of Columbia, Virginia, Prince George’s and Montgomery Counties, markets located within 30 miles of Maryland Live! Actual data clearly shows the State risks undermining the health of the entire Maryland gaming industry by adding a 6th mega casino in Prince George’s.”

See also:

jag August 07, 2012 at 05:46 PM
My brain hurts from the ridiculousness of this comment.
jag August 07, 2012 at 05:46 PM
Well said.
Jim Davis August 07, 2012 at 06:52 PM
And the reason for Perryville's drop in revenue is Cordish. Perryville also wants to return 400-500 machines to the State. Our "legislators" would screw up the march order of a one car funeral. I have no sympathy for anyone in the casino business. They knew the rules before they came in and now they want to change them purely for their own pocket.
Brian C. August 07, 2012 at 07:11 PM
Not a problem to return the machines. The state paid to put them in there anyway. Perryville knew there was more that just license up for bid and should have planned for it. The newness of the Perryville casino has worn away. Of course they have lost players.
Locate Baltimore August 24, 2012 at 07:25 AM
Indeed casinos need to learn some money management. Because more often than not its the rich that go broke rather than the poor. Find some Great Deals at www.locatebaltimore.com .

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »