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Casino News:

  Maryland Live generates more revenues but Perryville records low

Records show that the revenues earned by Maryland Live are on the higher side whereas the ones recorded at the Hollywood Casino in Perryille are considerably low.  The officials said that Maryland Live’s revenues fulfilled the projections. As stated by the Maryland Lottery, out of the amount of $48 million, generated by the state’s three casinos; approx $33 million has gone to the State, with an increase of twenty five percent in the second month. A fund of approx $15.8 million of the July revenue was retained by the casinos and the rest was given to the horse racing industry, Maryland’s Education Trust fund, the local businesses and the Maryland Lottery. In the month of July, an amount of $195.6 million, including $8.7 million for the jackpots was rewarded to the customers. The figures of revenues would go much higher this year with addition of new terminals on July 27. Additional restaurants and the new concert stage are also on the cards with the casino. However, the figures could come down to some extent due to the losses at other places. With the three existing operational casinos, Maryland has gained licenses for the Allegeny County and Baltimore City too. The Managing Partner of the Cordish Companies, Joe Weinberg said that it would be too early for the State to go ahead with the expansion on the basis of July figures before it is certain that Maryland is comfortable with the existing five licenses. In fact, Maryland Live depends greatly on the distant districts of Prince George’s, Virginia, Columbia and Montgomery Counties in terms of their contribution for clientele, almost fifty percent. The progress of the gaming industry could be uncertain with the addition of the sixth jumbo casino in Prince George’s.
As regards the increase in the state casino revenues, it has gone up by approx $8 million but there has been a downward trend with the Hollywood Casino in Perryille with a drop of approx 1/3rd during the last one year. It recorded an amount of $7.9 million in June whereas the figure came down to $6.9 million in July. The Cordish Companies - the operator of Maryland Live says that its officials do not approve the opinions of state legislature and Gov. Martin O’Malley for approval of a license for the new casino in Prince George’s County at the National Harbor. They are of the view that addition of more gambling facilities in the state would only prove unwanted and over saturation as is clear from the loss of Perryville’s revenue generation.


   2012-08-14






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