Horseshoe Baltimore Casino to Hit Maryland Live Revenues
Next year the new Horseshoe Baltimore casino is set to open and it is thought that it could steal more than one fifth of Maryland Live’s revenues by the 2016 fiscal year.Cecil County’s Hollywood Casino Perryville is also expected to take a large revenue hit, around 19%. The figures come from two studies which were commissioned by the Maryland Lottery and Gaming Control Agency to measure the potential impact of the new casino.
The studies were carried out by Littleton, a Colorado Based Custom Consulting LLC, and Arlington, a Massachusetts based Cumming Associates. They found that the state’s other two casinos in Allegany and Worcester would only see a small impact. The Rocky Gap casino in Allegany should expect a 2% drop in revenue and Ocean Downs in Worcester can expect a 0.9% drop.
The Horseshoe casino is costing $400 million to build and will be the state’s second-largest after Maryland Live. However, even after a 23% drop in revenue, Maryland Live is still expected to stay the most profitable casino in the state with $542.3 million in fiscal 2016. The new casino is expected to generate $454.4 million in revenue.