- MGM Resorts’ National Harbor only opened in December last year and is out outperforming rivals
- The State’s five other operators reported a year-on-year decline of nearly 14%
- National Harbor is state’s newest Casino resort
MGM Resorts National Harbor Casino may only be seven months old but already in its tender lifespan, the Casino has reported gaming revenue of $50m plus for the third month out of its six in operation.
Figures released on Wednesday by the Maryland Lottery and Gaming Control Agency showed that National Harbor recorded revenue of $50.1m for the month of June and although that figure is $400K less than May and $1.1m less than the Casino’s record month of March, it still represents a solid result for Maryland’s newest edition.
Good result for MGM, Mixed results for everyone else
Whenever a newcomer enters the market, there are others who will often have to endure a little bit of short term pain, that certainly applies to the land-based casino industry.
In Maryland, there are a total of six operators now that MGM have entered the fray, the other five are:
- Live! (formerly Maryland Live)
- Caesars Entertainment’s Horseshoe Casino Baltimore
- Hollywood Casino Perryville
- Ocean Downs
- Rocky Gap
Of those five, Live and Caesars Horseshoe Casino are the big players with Horseshoe Casino seeing its revenue fall 9.6% to $22.1m.
Hollywood Casino, Ocean Downs and Rocky Gap may be smaller players compared to the now big three, but in a welcome turnaround, all three smaller venues saw a revenue increase of 5.8% to $6.3m, 9.5% to $5.5m and 8.6% to $4.5m respectively.
Worrying times for Live Casino?
Cordish-owned casino Live took a dramatic downturn in performance in June despite a big promotional push to celebrate its fifth anniversary.
The Casino’s Gaming revenue was down over 22% to $41.8m, with slots revenue falling 13.4% to $27.6m while the table game revenue was down nearly one-third to $14.2m.
The result is a blow to Cordish’s ambitions to open a Madrid based resort property in a $3 Billion project.
Local Spanish authorities appear to be dragging their heels on the proposal and if any doubts linger, then they will be sure to use Live’s latest figures against Cordish.
In March of this year, Madrid authorities rejected Cordish’s original proposal after failing to meet the criteria to designate the project an Integrated Development Center (CID). This carries major tax and land usage benefits, and can only be granted once per decade; it also led Cordish to submitting a second proposal in May which includes a giant lagoon and are still awaiting to hear on the results.
Despite an impressive first six months of operating life, the bosses at MGM Resorts National Harbor will not be getting too carried away.As the newcomer, performances were always expected to be high but they will be pleased with how things have progressed so far. The real test comes when year on year comparisons can be made, but as things stand, National Harbor is proving a shrewd move for MGM.
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