- Gaming revenue has risen statewide since the MGM venue opened
- MGM casino averages $50 million in monthly revenues
It has been just over one year since the MGM National Harbor in Maryland opened its doors for the first time, and the casino resort can be happy with the progress made so far.
The $1.4 billion casino project is shaping up to be a highly successful gaming venue, making more than $50 million per month across seven of the past twelve months. It received praise in the Washington Post this month too.
This is a good performance for a new casino, and it shows MGM can hold its own against the five established casino companies already operating in Maryland.
It also highlights how this year has been successful not just for the casino, but for the community of Prince George’s County. MGM National Harbor had generated $16 million for the local economy in its first six months, and it will bring in more than $30 million across all of 2017.
Resort opens to a full house in 2016
To secure the Maryland license back in 2013, MGM International beat competition from Penn National Gaming and Greenwood Racing.
The $1.4 billion casino was completed in late 2016, and opened its doors for the first time in December of that year. Reports from opening night say players were lining up long before the doors opened, and the casino floor filled to capacity as players flocked to see the new resort.
One year on, visitors numbers remain high. MGM brings an additional six million visitors to Prince George’s County. Player card data reveals that two-fifths of players come from Maryland and the same proportion visits from Virginia, while the remaining 20% are Washington locals, foreign visitors and tourists from other states.
Revenue rolling in as casino celebrates first year
Last month, the MGM National Harbor made a $130.5 million profit from gaming. In March, it broke its own record with an impressive $141.2 million revenue tally. Local economic reports also suggest that MGM has increased gaming across the board. Revenues from the state’s six casinos have grown by around 38% since 2016.
The casino has also contributed to the jobs market, with thousands of new positions made available. In securing the gaming license, the casino brand promised to offer at least 40% of its jobs to locals. This target was reached and exceeded, with 47% of the workforce living within Prince George’s County.
Casino revenue funds local services
The MGM National Harbor profits have been a lifeline for cash-strapped county officials. MGM is projected to deliver $32 million directly into the state purse this fiscal year, which will see money wagered on slots, roulette, blackjack and more go towards local schools and public services.
MGM revenue accounts for one fifth all all new income for the county in this year’s budget, reports the Washington Post.
“MGM has certainly been a big part of the reason why we have had an all-time record in revenue,” said state gaming agency director Gordon Medenica. In November, almost $40 million was diverted into public projects as a direct result of casino gaming.
As the casino resort looks to the future, it hopes to continue its mutually beneficial partnership with the officials and residents of the county.
“MGM National Harbor’s emphasis from day one was to bring new opportunities and experiences to Prince George’s County,” said the resort’s president and COO Melonie Johnson.
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