MGM National Harbor Casino Receives $27 Million Approval for Gaming Expansion

Proposed MGM National Harbor MarylandMGM National Harbor Casino which is a newly opened facility in Maryland has been rewarded with a whopping $27 million game expansion program. The expansion comes in spite of robust growth recorded in the gaming revenue by the casino operator.

The casino has made a net $300 million regarding gross gaming revenue since its opening in December 2016.

Contrary to industry norms, the main reason behind the stupendous growth in the gaming revenue comes from the table games.

As per the latest data from the state regulator, the slot machines account for 53% of gross revenue for National Harbor whereas the table games constitute 62% of its post-tax income.

Other casino properties in the vicinity typically depend on far more on the slot revenue. Pennsylvania’s casinos recorded a substantial 73% contribution from slot machines in May 2017 whereas New Jersey’s casinos contributed slightly above 70% from their slot machines.

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The slots preference is evident on the floors of National Harbor. Alex Alvarado who is the Vice President of Slot Operations said that they were attracting casual players as compared to professional ones.

Alex Alvarado made the following statement:

When you walk through MGM National Harbor and you see blackjack games at 10 am with $25 limits, you can see that there’s just a lot of excitement. There’s a lot of not really seasoned gamers but just people looking for entertainment.

The National Harbor casino at the moment features 126 banked table games and 39 non-banked games. Since its opening last December, both these tables generated $136 million regarding gross revenue. There are 3237 slot machines in the casino, and they have made $152 million revenue in the same period. This translates into a slot to table ratio to approximately 53 percent which is lower than the state average of 61 percent and much below 64 percent of Maryland Live which is the rival of National Harbor.

The overall effect of this trend can be seen in the last revenue earned by the casino after all the mandatory payouts. Approximately 66% of slot revenues are directed towards various causes. It means that the casino efficiently retained only $67 million out of its $151 million in slot revenue. As far as the table games are concerned, around 20% of the taxes are directed towards mandated causes which mean that the National Harbor has retained $109 million out of total income of $136 million.

The industry experts attributed this trend to the casino company managing to take benefit of the skewed taxation rules of the state.

Jay Stevens

Jay Stevens

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