The $1.4 billion MGM National Harbor leapfrogged Maryland Live as the state’s top revenue-producing casino in January, its first full month of operation.
The new Prince George’s County casino, which opened in early December, generated $48.8 million from slot machines and table games, making it the state’s top money maker by nearly $5 million, the Maryland Lottery and Gaming Control Agency reported Monday.
Analysts said the market was still in flux as the state absorbed its sixth casino, and several cautioned against drawing long-term conclusions.
Because MGM National Harbor remains a novelty, “it’s really difficult to extrapolate results moving forward,” said analyst John Decree of Union Gaming. “It’s a completely different type of property than what Maryland has seen so far. It’s very Las Vegas-esque.”
MGM accounted for more than a third of the $126.2 million generated by all of the state’s casinos in January.
Most other casinos saw “expected” declines as the state’s “gaming market continues to evolve,” the gaming control agency said in a release accompanying the figures. Not including MGM, revenues decreased 12.4 percent from January 2016.
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