We have heard about Atlantic City and Las Vegas being touted as the hubs of the casino industry across the United States. The venues certainly have their charm and appeal, but there are in fact quite a few places where business is in a full swing.
Baltimore Becomes Fourth-Largest Market for Casinos
The Washington-Baltimore area is now outpacing New York City as the fourth-largest market for casinos across the U.S., a new industry report shows. Even though there hasn’t been much buzz about this phenomenon, things have been happening on their own, the American Gaming Association (AGA) said in a report. The area managed to notch up respectable $1.77 billion in gaming revenue in 2017. This is hardly surprising, after another AGA report posted record-high revenue for 20 out of 24 areas where casinos ran.
Just like so, Baltimore has been featured as one of the most lucrative places to be running a casino. The revenue of New York City, in comparison, stood at $1.57 billion with MGM National Harbor raking in the bulk of that sum. With its respectable profit margin, Baltimore is now catching up to Chicago, Atlantic City and Las Vegas as the next hot destination for casino-goers to consider when planning their next gaming binge.
But the spike in the numbers is not a random event. It’s been occasioned by the expansion of activities in Maryland, which is one of the hottest spots for casino operators. To get a better picture of how Maryland has been contributing, let’s look at the numbers for 2016. Maryland notched a solid revenue to the tune of $1.2 billion back in 2016. The number grew by 34.2% in just one year, with Maryland posting $1.61 billion!
Why the Strong Numbers?
The market has been liberalized en masse. Obtaining casino licenses has become not simpler, but all the same it’s come to be quite feasible and affordable if the company applying for one can muster the finances to back it up.
In the case of Maryland, the Lottery and Gaming Director Gordon Medenica has shed more light on the great results for Maryland, saying that the industry grew to $1.68 billion for the last financial year which ended on June 30. Medenica commented on the latest developments cited by the Washington Post, saying:
”It’s clear they’re not resting on their laurels. We’re seeing ongoing investment in the properties, with the addition of both gaming and nongaming amenities. These investments are clearly designed to attract new customers and spur continued growth.”
The numbers have been simply through the roof, boding a good future for the US casino industry in its entirety. The great results can be chalked up to skilled lobbying as well as stepping up the efforts of individual operators that are now assuming in delivering on their promises to maintain social responsibility checks. Understandably, there have been some reasons for concern, even after a strong year in terms of revenue, with the casino stocks being under threat of devaluation.
Last, but not least the U.S. Supreme Court has recently struck a federal ban on sports betting and things seem to be looking up for the entire industry.
Meanwhile, MGM has continued to reap excellent financial results. The company generated $58.3 million from slots and tables alone, pushing that number by almost $8 million in the space of a single year!