Maryland The Only State in the Mid-Atlantic to Show Revenue Growth
Of the 8 Mid-Atlantic states, Maryland was the only one to show significant growth from 2012 to 2013, helped along the way by the residents that stayed in the state to gamble instead of flocking to the likes of Atlantic City which continues to see declines that may bring about the end of the once famous gambling town.
The annual revenue figures that have been compiled at the University of Nevada’s Center for Gaming Research have shown a substantial revenue surge in Maryland from 2013, growing by 31%.
Maryland is the only state to have seen such growth with decreases in West Virginia, Delaware as well as New Jersey whose struggles have been documented for quite some time now with the closure of 4 casinos along the Atlantic City Boardwalk. Pennsylvania has grown to such an extent that it is now the second largest gambling industry in the US behind Nevada, but it also lacked any real growth and stayed relatively flat between 2013 and 2014.
Maryland state’s five casinos managed to generate $82 million in revenue, thanks largely to the opening of Baltimore’s new Horseshoe Casino, which generated $22 million in the short time it’s been open. Even with such massive growth, September’s revenue was only two million more than August despite the first full month operation of the new casino.
The new $400 million, Caesars Entertainment owned casino, located a stones throw from the M&T Stadium where the Baltimore Ravens play their games, has enjoyed their generated revenue at the hands of the Maryland Live! Casino which has seen a 10% drop in revenue since the Horseshoe opened early last month. Perryville’s Hollywood Casino is another that has seen a decline, although this time it was not as a direct result of the Horseshoe opening.
While Maryland’s casino revenue may have hit yet another record, it didn’t consist of millions of dollars that would have usually gone to casinos in Delaware and West Virginia. Instead, the money has moved a mere 12 miles up the road to Baltimore which some foresaw before the opening of the Horseshoe in an already oversaturated market.
A recent study conducted by the research firm Cummings Associates in Arlington Massachusetts, predicted that the slot revenue generated by Maryland Live! Could drop by another 16% and table game revenue by 20% once the Horseshoe Casino opened.
Another casino, the MGM Grand Harbor, which is currently under construction and set to open in the early parts of 2016, could put even more pressure on the state’s casinos, but some thing it unlikely and hope the new casino could draw in even more players from the likes of Virginia which is one of the few states yet to legalize gambling.
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