The MGM National Harbor casino resort established itself as Maryland’s top-earning casino in January, leapfrogging former top casino Maryland Live!, 30 miles away in the Baltimore suburb of Hanover.
The casino, which opened December 8, logged $48.8 million in win for its first full month of operation, topping Maryland Live! by $5 million. Analysts commented in a Baltimore Sun interview that the results to not indicate any long-term trends, since it is still in its “honeymoon” trial period. “It’s really difficult to extrapolate results moving forward,” John Decree of Union Gaming told the Sun. “It’s a completely different type of property than what Maryland has seen so far. It’s very Las Vegas-esque.”
While some other casinos were down year-on-year, officials stated that the declines were expected, and several casinos logged year-on-year increases. Hollywood Casino Perryville generated $5.8 million in January, up 4.6 percent from Jan. 2016. Revenue at Rocky Gap Casino Resort grew 11.8 percent year-over-year, to $3.7 million. The Casino at Ocean Downs generated $3.7 million in revenue, down 1.2 percent.
Even nearby casinos like Maryland Live! and Horseshoe Casino Baltimore remain profitable, albeit with declines year-on-year. Maryland Live! generated $44 million in January, down 15.6 percent from January 2016. Horseshoe generated $20.2 million, a 14.5 percent dip from last year.
Local experts say these results mean the state has successfully absorbed the additional supply. James Karmel, a gaming analyst and history professor at Harford Community College, noted in an interview with the Sun that combined revenue from the six casinos across the state were up 42.8 percent from the same month a year earlier.
“It does add credibility to observers who said MGM would grow the revenue, not just take away from existing casinos,” Karmel said. “That kind of vindicates the 2012 referendum to add another casino.”
