After recording in August its best month since opening, Horseshoe Casino’s revenues tumbled 19% in September, the Maryland Lottery and Gaming Control Agency reported today.
September’s $22.1 million was actually $242,791 below the revenues of September 2014, the first full month of operations at the casino.
At the time, Las Vegas-based Caesars, which operates the the casino, said the low revenues were a not-unexpected result of start-up pains.
Revenues would increase, management promised, as Caesars’ rewards program kicked in and customers were lured away from Maryland Live, its nearby competitor at Arundel Mills.
That competition has since fizzled.
Poor Second to Maryland Live
Last month, Maryland Live Casino generated $49.6 million in revenues, or greater than double Horseshoe’s receipts. Live’s September revenues gained 9% from September 2014.
Some direct comparisons show the gap between the two enterprises.
Horseshoe, for example, generated $1,821.50 from banking table games per day last month, while Maryland Live generated $3,443.43 per day.
Slot machines at Horseshoe – producing $198.22 a day per machine – were 33% below the $264.01 daily take reported by Maryland Live.
Because of its poor performance, “Local Impact Grants” generated by Horseshoe amounted to just $720,423 last month, according to the state gaming agency.
Originally, the Rawlings-Blake administration expected impact grant revenues of more than $1 million a month.
A large percentage of the impact grant revenues goes to pay for Baltimore police officers who patrol the casino district and for reimbursements to Caesars for roadway and infrastructure work done in 2014 around the casino.