Maryland casinos seek to reduce minimum slot payout despite record revenue

Maryland casinos earned record revenue in fiscal 2015 but operators are seeking permission to ensure they take in even more next year.

Maryland’s Lottery and Gaming Control Agency reported that the state’s five casinos generated revenue of $1.038b in the 12 months ending June 30. That’s $204.2m more than the previous year, largely thanks to the state’s newest casino, Horseshoe Casino Baltimore, which opened one year ago on Wednesday

Market leader Maryland Live earned $626.2m for the year, down only $28.2m from fiscal 2014, demonstrating its resiliency despite the new kid on the block getting all the attention.

Maryland Live’s take was more than twice the Horseshoe’s $236m, although the Shoe had two less months of earning opportunities. Comparisons aside, the Shoe still took in far less than the $425m its parent company Caesars Entertainment expected, a shortfall the company blamed in part on the race riots that plagued the city earlier this year.