Horseshoe Casino’s recovery continues for second straight month

Horseshoe Casino, the Baltimore-based casino operator, has bucked the trend of the dipping revenue for the second month in a row. According to the latest monthly report from Maryland Lottery and Gaming, Horseshoe Casino posted a revenue of $22.8 million from slots and tables in June, a 3.3 per cent jump from the same month last year.

In May also, the revenue rose by 2 per cent when compared to that of the last year.

These modest upticks have broken a 16-month spell – December 2016 through April 2018 – in which the casino’s revenue fell by 13 per cent on average. Horseshoe has suffered in the shadow of the higher-end MGM National Harbor, self-branded as “Vegas on the Potomac,” which opened in late 2016.

MGM – which drew upwards of $59 million in revenue in June, just for perspective – has pushed the state’s gambling proceeds to new heights. In May, Maryland’s six casinos brought in a record $156.6 million. Last month’s statewide mark of $130.5 million didn’t quite approach that degree of success, but it was still a 14 percent increase from a year before.

Horsehoe’s June revenue bump was actually the smallest among the state’s casinos. Live! Casino and Hotel in Arundel Mills saw its proceeds climb 15 per cent from June 2017. Hollywood Casino Perryville’s revenue rose 4.5 per cent, and Rocky Gap Casino in Cumberland saw an increase of 5 per cent. Ocean Downs Casino in Berlin is reaping rewards from adding table games last December; earnings rose nearly 30 per cent in June.

In an emailed statement, Maryland Lottery and Gaming Director Gordon Medenica said the recent revenue increases for casinos other than MGM are “a good sign.”

“We’re seeing the stabilization of the market share changes that occurred after MGM’s opening a year and a half ago,” Medenica said. “The six casinos are now finding their niche in the marketplace as they continue to grow and maintain their customer base.”

Caesars Entertainment Corp., which owns part of Horseshoe Casino Baltimore, has not responded to a request for comment.

Horseshoe’s success is arguably all for the better if that money makes it to the schools. Under state law, 15 per cent of all table game revenues go to the state’s Education Trust Fund, and 5 per cent go to local jurisdictions. For Horseshoe, that meant nearly $1.5 million of June proceeds from table games went to education, and $486,000 went to local jurisdictions.

Source: baltimorefishbowl.com