Live! Casino Baltimore, MD

I can imagine that there is a lot of pressure on MGMNH to generate tax revenue for both the state and for Prince George's County (and I believe that MGMNH is one of the largest individual sources of tax revenue for PG County. I am sure the casino is a huge help with getting that new hospital built). (I lived in the DC area for 15 years, but only started visiting casinos anywhere at all in the final year I lived there -- 2018. When I moved away, MGMNH was actually the third-closest casino to where I lived.) This is precisely the reason why the earning of self-comps there (definitely in the form of points; not sure about Express Comps since the Mlife change system-wide in October 2019) is more difficult than in any other market. At last check, it was 8 TCs per point earned, $10 slot coin-in per point, and $20 of VP and specialty slot coin-in per point. I can't imagine that EC earning at MGMNH is as high as the 10% of theo I can get at MGM Springfield; it is probably closer to the 2.8% of theo I get in Vegas.

Higher table minimums and lesser comps given out (including and especially front-end comp offers; while I get most nights comped at any other MGM regional property based on play in Vegas and Springfield, I barely get any comped nights more than a few weeks out for National Harbor) would be caused by the higher tax on casino gaming in Maryland. It also helps the casinos' overall revenue that they are not allowed to comp alcoholic drinks.

 

MD gaming revenue numbers in February 2020 (29 days) compared to February 2019 (28 days):

State up 10.6 pct ($151.3 million)
Live! up 18.9 pct ($54.8 million)
Horseshoe down 13.3 pct ($17.9 million)
MGMNH up 13.3 pct ($61.1 million)

 

Horseshoe is dying

 

Just for gallows humor......MD gaming revenue numbers in March 2020 compared to March 2019:

State down 57.9 pct ($68.7 million)
Live! down 55.6 pct ($24.8 million)
Horseshoe down 61.2 pct ($9.9 million)
MGMNH down 58.6 pct ($26 million)

Horseshoe continues to lead the suck even in these bad times. You have to wonder, even when things reopen, at what point valid YOY comparisons will be able to be made.

 

Fuck the Horseshoe, and their $50 minimums when they didn’t have any competition.

 

$50 minimums on what? Blackjack? Dice? What were the lowest table minimums when they (temporarily) closed?

 

I can't speak for conditions today, but I remember going to Horseshoe a couple weeks after it opened in fall-ish 2014. ECVF is right that the craps mimimums were absurd ($25 from what I remember). However, $10 3/2 blackjack was available, and 3CP could be had at $5. The high craps minimums in Maryland have always surprised me, as the paradigm I've been used to in AC and LV was that the blackjack minimums tended to be higher than craps.

Maryland Live introduced table games over a year (spring 2013) before Horseshoe opened and I do remember hearing stories about $50 craps at Live! Last time I went to Live was like two years ago and remember seeing $15 craps. Of course, $25 craps is the standard at MGMNH, and the last time I was there on a Sunday in late Feb, five out of the seven tables open were $50.

 

April numbers for Maryland in and I knew Horseshoe Baltimore had been doing poorly, but down 100 percent??

I kid. The non-news is that for the first 10 months of FY 2020, MD gaming revenue was down exactly 15 percent (1.245 billion versus 1.465 billion). Which makes perfect sense, since the casinos have been open 15 percent less time in FY2020 than in the same timeframe for FY2019.

 

MD casinos were pretty much back for all of July, I think. So here are the revenue numbers for July 2020 compared to July 2019, and in all honesty the picture isn't too bad:

State down 6.3 pct ($139.9 million)
Live! up 4.5 percent ($51.5 million)
Horseshoe down 18.5 pct ($15.8 million)
MGMNH down 13.9 pct ($52.3 million)

Two of the other three smaller MD casinos were up from July 2019. MD Live being up was very interesting.

 

I’m wondering how much longer Horseshoe will stay open

 

I think these Live! and MGMNH stats can be explained as follows:

1. The AC casinos are not pulling weekend gamblers from DC, Maryland, and Virginia. No cocktail service on the floor plus limited dining options makes the 3+ hour drive not worth it. So folks are staying local to get their gambol on.
2. Table minimums are through the roof at MGMNH and Live so the physical efforts to social distance aren’t having material financial impacts.
3. Economic damage from covid may be less severe in the region compared to other parts of U.S. given stability of federal workforce and high wage earners in professional services (lawyers, political consultants and the like), so disposable income is still there to be spent and with fewer folks hopping on planes to jet off to vacation or other outlets that money is burning a hole in some pockets.

And agree that Horseshoe just needs to be shut down. Not a horrible property (four walls and a roof that doesn’t leak, at least that I know of) but the location never really made sense and once MGMNH opened up the effect was further capturing/splitting Northern Virginia market with Live.

 

MD gaming revenue numbers in August 2020 compared to August 2019:

State down 3.1 pct ($149.5 million)
Live! down 1 pct ($52.5 million)
Horseshoe down 8.1 pct ($16.8 million)
MGMNH down 4.3 pct ($59.7 million)

Hollywood Perryville and Rocky Gap were up from August 2019.

 

Consider the decline in costs to generate those winnings...that's astonishing, really

 

MD gaming revenue numbers in September 2020 compared to September 2019. State YOY back positive:

State up 1 pct ($143.7 million)
Live! up 3 pct ($49.1 million)
Horseshoe down 5.1 pct ($17.6 million)
MGMNH down 0.4 pct ($57.5 million)

All three of the smaller casinos were positive YOY.

 

MD gaming revenue numbers in October 2020 compared to October 2019:

State down 0.9 pct ($142.7 million)
Live! up 4.1 pct ($49.6 million)
Horseshoe down 9.5 pct ($17.3 million)
MGMNH down 5.5 pct ($56.6 million)

All three of the smaller casinos were positive YOY.

 

Is horseshoe that bad in Baltimore? Why all the hate both on here and also financially? I was thinking about checking it out ( from ny). Are the craps mins still 50 or have they lowered them?

 

I personally prefer Horseshoe to the other two if I have to go to a local, however, I recognize why people like Live as it's massive and there's plenty of gaming and food options.

MGMNH on the other hand? I'd rather light my money on first than driving a mere 15 minutes there.

To answer your question, I stopped by the Horseshoe yesterday actually since I was supposed to be in Vegas this week and to have some semblance of a casino trip. More tables were open than I had seen prior a few months ago, and craps were $25 tables.

 

MD gaming revenue numbers in November 2020 compared to November 2019. Interesting numbers:

State down 7.4 pct ($130.4 million)
Live! down 14.9 pct ($45 million)
Horseshoe down 17 pct ($15.2 million)
MGMNH up 2.6 pct ($55.3 million)

Only one of the three smaller casinos (H'Wood Perryville) was positive YOY.

 

Any info on Rocky Gap?

 

MGMNH's poker room is pretty solid. When I'm in DC for work, I'll end up over there.

Only had 6 or 7 sessions over there - but no losing ones yet!