Two days ago, information concerning the revenues of Maryland-based casinos was released. According to it, the turnover generated by the five casinos in November was well over $90 million, which, compared to the numbers a year ago, indicates a significant increase equal to 35%.
Experienced gambling analysts commented that such a satisfactory growth of $23 million YOY was possible due to the opening of Horseshoe Casino Baltimore, which has been attracting players for four months now.
They also added that if it was not for the establishment of the new casino, the numbers would remained the same.
Maryland Live! Casino, located in Hanover, can take pride in generating almost $54 million during the previous month. Compared to the revenue, generated in November 2013, there is a slight increase in revenue.
However, the revenue of Hollywood Casino Perryville, a casino venue located in a close proximity to Baltimore, reported a decrease equal to 7%.
As far as the revenue of the newest casino is concerned, a great number of marketing specialists said that they have actually believed that the turnover generated will go beyond their expectations.
However, things went in a wrong direction and the revenue of Horseshoe Casino has not managed to reach analysts’ expectations. As a matter of fact, the problematic turnover is becoming a top concern for Maryland authorities.
Players who visit the Horseshoe Casino on regular basis said that they are a bit astonished that their favourite venue is not as profitable as expected because it was crowded during the best part of the day.
Having said that, Horseshoe generated $22 million, although it was supposed to generate up to $35 million. As mentioned above, one of its rivals – Maryland Live! generated twice as much money during November.
Yet, casino managers remain hopeful that the venue will meet authorities’ expectations. They also added that they face really tough competitors and a significant improvement is not likely to be reported because of Horseshoe’s rivals and their popularity. They expressed their hopes that revenue is going to gradually increase during the years.
Decent casino revenues are quite important for Maryland communities. Authorities count on them in order to pay expenses for public safety, public cleaning and lighting.
Despite the weak revenue, Horseshoe casino remains predominantly stable and most local business owners admit it that every new business venture is difficult at the beginning so they agreed on giving Horseshoe a chance for proving itself to be a desirable casino venue.
It seems like 2015 will be critically important for Horseshoe, as it will have to consolidate its positions on the market. People, familiar with the matter, revealed that the sixth Maryland-based casino is supposed to open in 2016.
