A new record for casino and lottery revenues in Maryland
The gaming business in Maryland has increased dramatically during the last fiscal year that ended on June 30. According to the official report of the Gaming Control Agency and the Maryland lottery, the sale of lottery and casino revenues reached a record $ 1 billion. The new director of the agency, Gordon Medenica, said that the sector has increased by 19% compared to the previous year with revenues of $ 525 million for the lottery and $ 487 million for casino games. This high turnover in the casino and gaming sector was driven by the opening of the Horseshoe casino in Baltimore even if this figure is far below expectations. Opened in August 2014, this fifth State casino generated $ 60 million less than expected during its first years of operation.
Gordon Medenica is confident about income growth of casinos in Maryland, particularly with the opening in the end of 2016 of the MGM Casino and Resort in National Harbor, a project of $ 1.3 billion in the County of Prince George. Many people worry however about market saturation in Maryland especially since the difficulties encountered by the casinos in Atlantic City, but the director of the regulatory agency believes that the State is able to host its six casinos. The absence of casinos in Virginia, the neighboring State of Maryland, is a major asset for the current five casinos.
Tuesday, 18 August 2015
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