MGM National Harbor, from the day it was first conceived, was always going to be a massively popular gambling destination. Having just opened its doors not too long ago, the casino is being kept under watchful eyes. All of the anticipation surrounding the opening of National Harbor seems to be warranted as the Oxon Hill site led all Maryland casinos in revenue during the month of January. Officially, the casino brought in more than $48 million.
As for Maryland as a whole, the state saw a more than 40% increase in casino revenues from January 2016 to January 2017. For the month, there was more than $126 million brought in by Maryland’s casinos.
While the month of January appeared to be positive across the board, such was not the case. If you take out MGM National Harbor, January actually saw Maryland casino revenues decrease by just over 10%. This is fulfilling the prediction of many people, who thought that National Harbor’s opening would take revenue away from Maryland Live, the closest competing casino. To exemplify how true the prediction was, January alone saw Maryland Live’s revenue decrease by more than 15% from the year before. Horseshoe casino, another big site in the Baltimore-area also saw year over year revenue declines of almost 15%. To make a long story short, it is already becoming apparent that National Harbor is far more convenient than most other casinos in the area. On top of that, the MGM site has more to offer than some of its neighbors as far as amenities and attractions are concerned.
As we look to the future, it appears as though National Harbor is the casino that will lead the way for Maryland. To be quite honest, there really aren’t any other casinos like it on the East Coast. In fact, there aren’t even many Las Vegas casinos that are able to offer the same type of experience as what you will attain on the banks of the Potomac River.
CEO Jim Murren commented on MGM National Harbor’s otherworldly qualities by saying, ” There is no other location in Maryland, or the mid-Atlantic region, that has the type of venue we built. We are minutes from the nation’s capital and there are three airports in the area. We expect to get a lot of visitors from not just the Washington, DC area, but across the country as well.”
As we look ahead to the rest of the year, it will be interesting to see if National Harbor can keep up the pace it is currently operating at. The expectation is that this is exactly what will happen, however the casino industry in Maryland is never constant and changes from month to month. So while revenues may be on the up and up for MGM for now, there is no saying that that will continue to be the case as the weather improves.