Gaming revenue dropped last month in Maryland and precipitously so in Ohio, where the good times had really been rolling. Maryland’s $130.5 million gross represented a 7.5% dip, motivating JP Morgan analyst Joseph Greff to write that “We note the sequential year-over-year deceleration reflects the resurgence of new COVID-19 cases in recent weeks. We expect a similar trend to play out in other regions, which points to a retrenchment relative to 3Q revenues/EBITDA results.” (Two fewer weekend days didn’t help either.) MGM National Harbor was immune to the trend, up 2.5% at $55 million, with high-tax slots off 8% up low-tax table games hopping 18%. MGM’s accountants won’t complain. It held 42.5% of market share, comfortably above Maryland Live‘s 34.5%. The latter plunged 15% (to $45 million) and Horseshoe Baltimore 17% (a meager $15 million). Hollywood Perryville had a good month, up 1.5% to $6 million, while Ocean Downs declined 6% to $5 million and Rocky Gap had a 14% setback, to $4 million.
Over in West Virginia, revenues toppled 28%, with slots and tables falling almost equally. Hollywood Casino at Charles Town Races did only slightly better than the average, tumbling 27% with tables down 39% and slots 26% off the pace. When Maryland catches a cold, West Virginia gets pneumonia.
Nice view of MGM National Harbor. The interior is even better.