Impact studies find Baltimore casino could take 23 percent of Maryland Live's revenue

November 21, 2013|By Colin Campbell, The Baltimore Sun

The new Horseshoe Baltimore casino, slated to open next year, could begin to swipe more than one-fifth of Maryland Live's revenues as early as the 2016 fiscal year.

The Hollywood Casino Perryville in Cecil County would take the second-largest revenue hit, around 19 percent, from the casino on Russell Street near M&T Bank Stadium, according to two studies commissioned by the Maryland Lottery and Gaming Control Agency to gauge the casino's potential impact.

Littleton, Colo.-based Custom Consulting LLC and Arlington, Mass.-based Cummings Associates found that the state's two other casinos in Allegany and Worcester counties would see only a slight impact. Rocky Gap, in Allegany, should expect a 2 percent dip and Ocean Downs in Worcester should see a drop of 0.9 percent, Custom Consulting's report said.

The $400 million, downtown Baltimore casino will be the state's second-largest, after Maryland Live. Even after a 23 percent drop in revenue, Maryland Live is expected to stay at the top in the state with $542.3 million in fiscal 2016. The Horseshoe is expected to generate an annual $454.4 million in revenue.

Another casino set to open in 2016 in Prince George's county was not factored into the impact studies.

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