The MGM Resorts Int'l (MGM) - Get MGM Resorts International (MGM) Report National Harbor casino in Oxon Hill, MD has been the success most analysts expected it to be with the casino resort taking the top casino spot in Maryland in January, bringing in $48.4 million during its first full month of operation.
Overall, the state experienced a 42.8% increase in January gaming revenue to $126.2 million. However, the five other casinos in the state experienced a decline in revenue as National Harbor cannibalized visitors from its competitors.
Excluding MGM, the casino's in Maryland saw January revenue decrease by nearly $11 million year over year.
Maryland Live Casino, MGM's closest competitor, reported a 15.6% decrease in revenue, generating $44 million from slots and tables in January.
Caesars Entertainment's (CZR) - Get Caesars Entertainment Corporation Report Horseshoe casino in Baltimore generated more than $20 million from slots and tables in January, a 14.5% decline from a year ago.
Hollywood Casino saw a 4.5% decrease to $5.77 million, while Ocean Downs declined 1.2% to $3.68 million, and Rocky Gap Casino declined nearly 12% to $3.73 million.
While gambling revenue was up overall year over year, it did fail to top the record $133.5 million that the industry made in December. The previous record before that was set in May 2016, with the state reporting gambling revenue of $104.3 million.
MGM opened its $1.4 billion casino on the banks of the Potomac River on December 8, bringing in $42 million during the three weeks it was open in December. Analysts forecast that the property would add $170 million to the company's 2017 EBITDA, a forecast that CEO Jim Murren told TheStreet that he expects the property to surpass.
The $1.4 billion, 23-acre casino resort located in Oxon Hill, MD, which held its grand opening yesterday, features 300 hotel rooms, a 4,000 seat concert hall and up to 50,000 square feet of event spaces.
"There is no other location in Maryland, or the mid-Atlantic region, that has the type of venue we built," Murren added. "We are minutes from the nation's capital and there are three airports in the area. We expect to get a lot of visitors from not just the Washington, DC area, but across the country as well."
MGM shares were down 0.05% to $28.60 in afternoon trading Friday.