PlayMGM Online Casino in New Jersey appears to have been a successful parlay into igaming for MGM, if Maryland decided to regulate online gambling as New Jersey and many other stats have, you can be sure that MGM will be one of the first to launch a site.
MGM National Harbor which opened a mere 18 months ago in Baltimore, Maryland, added a second floor to its existing business on July 16 to complement its operations. The cost of the expansion for an additional 38 000 square feet of space didn’t come cheap though, at $48 million.
Considering that in these short 18 months, MGM Casino has laid claim to 40% of the market in Maryland and June saw them nearly touch earnings of $60 million, the price tag and the need for expansion make perfect sense.
Their earnings have seen an impressive 18% increase year-on-year for June, which is the sort of growth most businesses can only dream of. They are clearly doing something right, and have assessed their market well in advance. That doesn’t mean that there haven’t been some pleasant and unforeseen developments though.
The surprise has been that the demand in the operation has come from table games and more specifically poker, which has seen numbers decline in some other areas, specifically as regards NJ online casinos locally.
MGM management has said that the demand for table games has far outstripped their expectations. President and COO Melonie Johnson said “We had a rough second floor that was not being utilized, and the intent was that if we saw the demand from our customers, we would have the ability to expand to that second floor,”
The former poker room is being utilized for increasing the space allocated for slot machines, while the new space has increased the number of tables substantially to 46 - two of which are exclusively reserved for high-limit playing.
Other new features include an informal restaurant, a sportsbook – The Race Book which has 24 large screens for horse racing fanatics; 285 video lottery machines and a 700-foot terrace overlooking the beautiful harbor scenery. Bearing in mind that MGM is the newest of Maryland’s casinos, this is impressive, to say the least.
Historically, Maryland has only been open for betting since September 2010 when Hollywood Casino Perryville opened as the first casino. Since then there has been an addition of another 5 operators, which brought the overall revenue to $1,6 billion. Of this princely figure, MGM contributed over $170 million to Maryland’s Education Trust Fund. Not at all shabby for such a new interest!
The addition of operating space and facilities will surely go a long way to increase their contribution even further in the near future.