MGM’s National Harbor Dominates Maryland Casino Industry
MGM’s National Harbor in Maryland has reasserted its dominance in the state’s live casino industry. In the last month of 2019, National Harbor’s revenue grew, outperforming local competitor Caesar’s Entertainment which continued on its downward spiral.
The Maryland Lottery & Gaming Agency released its latest figures on gaming revenue in the state on Monday. They show that the six casinos in the state generated a total gaming revenue of $149.1 million in December 2019, a less than 1% increase from the same period in 2018. However, this does mark $8.3 million increase from the previous month.
Looking at 2019 as a whole, Maryland casinos generated a combined revenue of $1.757 billion. This marks a less than 1% increase compared to the $1.746 billion generated in 2018. The 2019 figures for MGM’s National Harbour were up less than 1% to $707 million while Cordish Gaming’s Live! Casino & Hotel’s revenue rose 4.4% to just under $601 million. While Caesar’s Horseshoe Casino Baltimore saw its revenue drop 8.5% to $237.9 million.
Things had been looking bleak for MGM’s National Harbor casino in November. But they managed to re-secure authority in the state, bringing in a total gaming revenue of $62.6 million in December 2019, a 4.5% increase from December 2018. Compared to November 2019, this is a $8.7 million jump.
National Harbor’s closest rival Cordish Gaming’s Live! Casino & Hotel couldn’t keep pace with MGM’s Maryland property in December. Live! Made $51.8 million in December, only about $1 million higher than November.
Another competitor to MGM’s National Harbor is the Caesar’s Horseshoe Casino Baltimore. However, the Horseshoe casino has been struggling since the MGM opened in Maryland in 2016. Caesars’ revenue has been sliding 15.7% year-on-year and nearly hit the property’s all-time low of $18.3 million last August.
While these numbers may not be that great, casinos like MGM’s National Harbor wouldn’t mind an extra revenue stream. Which is why casinos in Maryland are looking forward for state legislators approving a new bill pre-filed by Sen. Chris West in the 2020 legislative session. However, it may take a while to pass and be implemented as such measures would require the passing of a voter referendum this November. So, they may have to wait until 2021 to get a boost from the state.
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