BALTIMORE (WJZ) — Disappointing results. Baltimore’s new Horseshoe Casino falls millions of dollars short in its first few months of revenue. There’s concern the city will see a lot less of its cut.
Christie Ileto explains why communities are counting on those funds.
Maryland’s five casinos generated $90.2 million in November, a 35 percent increase over the same month last year. But, Horseshoe casino has been struggling to meet expectations.
“I am very surprised being that it’s usually really crowded,” said Gina, a casino regular.
Experts thought Horseshoe would make up to $35 million a month. In reality, they’re making $22 million, which is less than half the $53 million its competitor, Maryland Live made in November.
Casino officials said they’re confident it will gain momentum.
“Well obviously we’re disappointed,” Ben Hyman with Horseshoe Casino said. “As long as they’re open we’re gonna see a percentage of their revenue… this time it might be a little bit down, but going forward we can count on that revenue every year.”
Neighborhoods like Pigtown are counting on the casino’s success. The concern is if the casino’s profits fall short, it could mean less funding for community improvement projects in surrounding communities. These funds would go towards street cleaning, lighting and public safety.
“When you’re in business, the first five years is hard anyway,” said Gina, a local business owner.
Nearby businesses say the shaky start is temporary.
“You gotta give it a chance, give it a chance,” Gina said.
The Maryland Live! Casino in Hanover generated the most revenue last month, at about $53.8 million. That’s a .7 percent increase over the casino’s revenues from last November.
Revenue at Hollywood Casino Perryville, about 34 miles north of Baltimore, dropped about 7 percent.
Maryland’s sixth casino is scheduled to open at National Harbor in 2016.
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