The revenues generated in Maryland-based casinos during the previous month were announced yesterday.
Back in the end of 2014, the numbers reported were far more satisfactory. However, the revenues that have been announced over the last three months are not too impressive.
In point of fact, February was the third consecutive month when a decline was reported.
The local gambling regulators announced that as much as $82.8 million were generated during the previous month, which makes February the worst month since September when it comes to combined revenues.
At a meeting held on February 26th, the members of the Maryland Lottery and Gaming Control Commission were notified that the severe weather conditions are believed to be among the main reasons for the decline.
It is a well-known fact that the East Coast has been experiencing heavy snowfalls, which caused a lot of setbacks and February, in particular, was the coldest month this winter.
However, market analysts suspected that apart form the cold weather, there was an underlying reason for the weak revenues. They considered the saturation of the local gambling market to have an impact on the gambling sector in Maryland.
Those who keep themselves informed about the expansion of the gambling sector in the state know that MGM Resorts has recently started the construction of a casino venue that is expected to open doors for players in the second half of 2016. Meanwhile, three of the existing casinos reported decline in revenue for both February 2015 and 2014, respectively.
As far as the numbers reported by Perryville are concerned, the casino reported the sharpest decline of 14.7%. The decline announced by Maryland Live! was 10.2% and Ocean Downs reported the slightest drop of 3.3%.
The only casino venue on the territory of the state that reported an increase was Rocky Gap. It generated revenue amounting $3.5 million, which, compared to the last year results, marks an increase of almost 12%.
The revenue of Horseshoe Casino Baltimore remained flat and the numbers reported were pretty similar to those in December and January.
The construction of new casino venues on the territory of the state is not among the wisest decisions, though. Two of the casinos – Maryland Live! and Horseshoe, submitted a request for reducing the number of slot machines they currently run.
In other words, the long-term perspectives for the casino industry in Maryland are not too optimistic although some officials disagreed with that statement.
