MGM National Harbor grows market as revenues drop at Live and Horseshoe

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MGM National Harbor grows market as revenues drop at Live and Horseshoe

Nine-month-old MGM National Harbor continued to grow the state’s casino market in August while also taking away business from some of its largest Maryland competitors.

Topping $50 million in monthly revenue for the fifth time in August, MGM National Harbor’s $52.8 million was more than any of the state’s other five casinos, according to figures released Wednesday by the Maryland Lottery and Gaming Control Agency.

Overall, the casinos generated $137.5 million — $3.7 million shy of the record set in March. The figure represents an increase of $37.1 million over the same month last year, before MGM opened in December 2016 in Prince George's County.

Minus MGM, the other five casinos saw revenue decrease 15.7 percent.

The biggest monthly declines were recorded by MGM’s biggest and closest Maryland competitors — Live Casino & Hotel in Hanover and Horseshoe Casino Baltimore.

Live, the casino at Arundel Mills formerly called Maryland Live, had August revenue of $44.7 million, which was 19.9 percent less than it drew in August 2016.

Revenue at Horseshoe, the casino beside Interstate 95 and near M&T Bank Stadium in Baltimore, declined 21.3 percent from a year earlier, to $21.8 million.

Analysts say MGM, the $1.4 billion property directly across the Potomac River from Virginia, held an advantage during the summer tourist season because of its proximity to Washington's popular tourist destinations.

August revenues increased year-over-year at the state’s other three casinos.

Revenues were up 11.9 percent to $6.9 million at slots-only Ocean Downs and increased 6.1 percent to $4.8 million at Rocky Gap Casino Resort in Western Maryland. Hollywood Casino Perryville saw revenue rise 5.4 percent to nearly $6.3 million.

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jebarker@baltsun.com

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Article MGM National Harbor grows market as revenues drop at Live and Horseshoe compiled by www.baltimoresun.com

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