Maryland Gross Gaming Revenue Dips 4 Percent in June; Big Monthly Decline For Horseshoe Baltimore

Posted on: July 9, 2019, 11:00h. 

Last updated on: July 9, 2019, 10:48h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Gross gaming revenue (GGR) in Maryland fell four percent in June to $142.89 million from $148.90 million in June 2018, according to a report released by Maryland Lottery and Gaming on Monday.

The Live! Casino in Maryland is one of the state’s gaming leaders. (Image: Booking.com)

Maryland Lottery and Gaming is the regulatory body overseeing casino gaming in the state. The state is home to six gaming properties, four of which saw year-over-year revenue declines last month.

Maryland gaming venues, all of which feature slots and table games, are as follows: MGM National Harbor in Prince George’s County; Live! Casino & Hotel in Anne Arundel County; Horseshoe Casino Baltimore in Baltimore City; Hollywood Casino Perryville in Cecil County; Ocean Downs Casino in Worcester County; and Rocky Gap Casino Resort in Allegany County.

Contributions to the State of Maryland from June 2019 casino gaming revenue totaled $60,075,138, including $45,084,912 for the Education Trust Fund,” said Maryland Lottery and Gaming. “Casino gaming revenues also support local communities and jurisdictions where the six casinos are located, as well as Maryland’s horse racing industry.”

For fiscal 2019, Maryland casinos posted gross terminal revenue of $1.12 billion. On year-to-date basis as of June 30, the state’s gaming venues combined machine revenue was just under $570 million, according to data from the state’s gaming regulator.

Big Offenders

Last month, GGR at MGM National Harbor, operated by MGM Resorts, slid 4.1 percent, mostly inline with the broader Maryland decline. That venue, which turns three years old in December, had June 2019 GGR of $56.88 million, down $2.43 million on a year-over-year basis. MGM National Harbor is home to 3,138 slot machines and more than 200 table games.

The most egregious Old Line State offender last month was Horseshoe Casino Baltimore. That property, operated by Caesars Entertainment, saw its June GGR plunge 18.2 percent to $18.68 million. Horseshoe Baltimore, which turns five years old next month, has about 2,200 slot machines and nearly 150 table games.

Hollywood Casino Perryville and Ocean Downs Casino posted June revenue drops of 3.9 percent and 4.8 percent, respectively.

Live! Casino & Hotel was one of Maryland’s June winners, notching a GGR increase of 1.7 percent to nearly $49 million. That property has 3,779 slot machines, more than any other casino in the state. Although it has just 665 slots and a scant 19 table games, the Rocky Gap Casino Resort in Allegany County saw its June GGR surge 7.5 percent to $5.11 million.

With year-to-date revenue of $209 million, Live! Casino & Hotel is the Maryland leader at the halfway mark of 2019 followed by MGM National Harbor at $196.48 million, according to the state regulatory agency.

Live! is owned by Baltimore-based real estate developer The Cordish Companies.

Missed Opportunity

Earlier this year, Maryland Senate President Thomas V. Mike Miller Jr. (D-Calvert) said the legislative body will not take up a bill on legalizing sports betting this year. The earliest legislation on the issue could come up again would be 2020.

That could mean a potential revenue stream for the state and its gaming operators is being kept at bay as nearby regions look to fill the void. Neighboring Washington, DC is pursuing a plan to have sports wagering operational this year and Delaware, a state that borders Maryland, is home to a thriving sports betting industry.