Virginia a "blank territory on the map"

Maryland's casino industry enjoying "geographic advantage" - official

Maryland's six casinos brought in USD 1.4B in gaming revenue last fiscal year, resulting in USD 592M for the state.
2017-10-16
Reading time 57 seg
During a presentation to the General Assembly's Joint Committee on Gaming Oversight, Director of the Maryland Lottery and Gaming Control Agency Gordon Medica said Maryland’s gambling industry won’t be jeopardized by Virginia where casinos are currently prohibited.

According to Medica, Virginia is a “blank territory on the map.” "We think that Virginia is still many, many years away (from opening casinos), so we think we can enjoy a geographic advantage," the official said.

Medenica went on to say that Maryland is surrounded by saturated casino states –Pennsylvania, Ohio and West Virginia—, while he highlighted Atlantic City’s slow comeback to the market. "When they found their market, all of a sudden they were doing well again," he said.

The gaming official also said that gaming in Maryland will see “another record year” in 2018.

Since the first casino opened its doors in the state, revenue has grown significantly, also receiving a big boost from MGM National Harbor, a business move Medenica considered strategic in terms of location: right across the Virginia border.

According to the Baltimore Business Journal, Maryland's six casinos brought in $1.4 billion in gaming revenue last fiscal year, resulting in $592 million for the state. About $451 million of that went to Maryland's Education Trust Fund, official figures indicate.

Finally, Medenica said Maryland should expect to start seeing “market maturation (and) saturation," in fiscal 2019. "At that point, the crystal ball is a little cloudy about the future of the market."

Leave your comment:
Subscribe to our newsletter
Enter your email to receive the latest news
EVENTS CALENDAR