Revenue figures released by Maryland for September show that the first month of operation for the new Horseshoe Baltimore casino has cut into the revenues of the state’s largest casino, Maryland Live!, although not as much as originally feared.
September revenue figures show that Maryland Live! revenues were down 9.8 percent compared to the same month last year. The Hanover casino, 12.5 miles from Horseshoe, earned $45.5 million for the month. Horseshoe generated $22.3 million in September, far below what Baltimore officials had estimated prior to opening.
Maryland Live! President and GM Rob Norton told Maryland regulators that the impact was modest, and “far better than what most of the state’s analysts projected.”
Horseshoe General Manager Chad Barnhill said the new casino “not only posted strong first-month casino figures but also exceeded revenue expectations in our dining and entertainment venues.”