MGM National Harbor has helped boost the state’s overall gaming revenue since it opened Dec. 8, but the newcomer appears to be eating into the profits of Maryland’s other top casinos.
Monthly casino revenue rose an average of 37.8 percent in Maryland since MGM began operating, according to the state Lottery and Gaming Control Agency’s year-to-year comparisons. The industry, which sends some of its profits to fund schools and other public programs, set its record in the state by generating $141 million in March.
But monthly revenue for Maryland’s five other casinos has dropped an average of 11.8 percent since December, largely driven by dips of 9.4 percent for Horseshoe Casino in Baltimore and 16.6 percent for Maryland Live in Anne Arundel County — the two gaming facilities closest to MGM.
Casino officials and elected leaders say they are not alarmed by the numbers, which fall roughly in line with the projections made by state consultants after Maryland voters legalized table games and approved the addition of a sixth casino in a 2012 referendum.
Click here to read the rest of the article written by Josh Hicks over at the Washington Post