The casinos located in the state of Maryland have done quite well over the past few months, seeing revenue gains for nine month consecutive basis. For the month of August, the state has seen the gaming venues topping the $100 million mark, a feat that has happened four times now since the very first casino opened in the state in 2010.
There are five casinos located in Maryland, all of which were able to generate a total of $100.3 million in revenues last month. This was an increase of 3.7% when compared to August of last year, based on information provided by the Maryland Lottery and Gaming Control Agency.
The month of August marks the 9th straight month that the state was able to see combined revenue gains for casino gambling. The state has done so well in regards to the industry that the last time revenues were in a decline was November 2015 and this was only a percentage of around 0.5.
Maryland Live was the top earner for the state, which is expected as the venue is the largest, with $55.9 million in revenues earned. This was an increase of 7.2% based on August 2015 figures. The casino will be able to bring more revenues to the state in the future as Maryland Live is currently planning on constructing a hotel, event center and spa which will have a cost of $200 million.
The Horseshoe Casino Baltimore earned $27.7 million for the month which was an increase of 0.5%. Ocean Downs was able to see an increase in earnings of 2.1% with $6.2 million generated. The Rocky Gap Casino Resort was up 3.4% with earnings of $4.5 million. The last venue, the Hollywood Casino Perryville, was the only casino in the state to see a decline in revenues. A 9.5% decrease was reported with the venue only earning $5.9 million.
The gambling industry of the state is expected to continue to do well especially considering a sixth casino will open later on this year. The MGM National Harbor, which has a $1.3 billion bill, should help the gambling industry to grow, possibly hitting the $100 million mark many more times in the future in regards to monthly earnings for the state.
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