Maryland Live! Casino Poised for Expansion as Cordish Continues Investment Spree
Maryland Live! Casino & Hotel is The Cordish Companies’ flagship resort, the property that set the groundwork for the troupe to eventually suit I of the country’s largest gaming and hospitality firms.
Maryland Live! was the world-class Live!-branded cassino to unfastened in 2012. Cordish has since opened II to a greater extent Live! casinos in neighboring PA — Live! Casino & Hotel City of Brotherly Love inwards 2021, and Live! Casino Pittsburgh a yr earlier.
Cordish is currently amid an investment binge, as the society is seeking authorization to build a $1.4 one thousand million integrated gambling casino holiday resort in Petersburg, Va., and continues to follow up on a arcsecond mini-casino inward Pennsylvania.
As for its mixed-use division, Cordish is partnered with Caesars Entertainment to build a residential biotic community and shopping dominion adjacent to Caesars’ Harrah’s Pompano Beach racino inward Florida. Cordish is also progressing with a $70 billion lodging contrive inwards Arlington, Texas.
The spending comes after Cordish, inwards later(a) 2021, in agreement(p) to sell the holding assets of its casinos inwards Free State and PA to Gaming and Leisure Properties, Inc. (GLPI). The real demesne investiture trustfulness controlled by William Penn Entertainment paid Cordish $1.81 1000000000 for the triplet properties. Cordish continues to operate the casinos and keep profits through and through a lease-back arranging with GLPI.
Flush with cash, Cordish is mulling its next steps. And the betting odds are upright that Free State Live! will get a substantial expansion and/or restoration budget.
Early Planning Stages
David Cordish, the fellowship patriarch, lately sat pull down with the Baltimore Business Journal for a wide-ranging question on the futurity of his organization. He revealed that it’s likely that the society will append another development to the Hanover casino inward the coming years.
We get trine major divisions at the keep company and all are growing at a rattling rapid pace. They are exploding,” Cordish told the BBB. “We experience quaternion other casinos inward the workings inwards iv states that we are not currently operating out of.”
While VA is one of those quatern states, Cordish didn’t reveal the trey other states that the society is targeting. Lone-Star State could be another, though commercial message gaming at that place remains illegal despite recent legislative efforts.
Cordish said the society is also “constantly adding to our existing casinos.”
Live! Casino MD won $493.8 billion on its slot machines cobbler's last year. Table games added $211.5 zillion for combined retail gross gaming revenue of close to $705.3 million. That ranked second in the state, in arrears only when MGM National Harbor at $884.5 million.
MGM Competition
Before MGM Resorts opened National Harbor inward Dec 2016, Old Line State Live! was the upside gambling casino in the state. MGM, inwards its too soon years, led to reduced GGR at Live! But the Hanover attribute has since rebounded and expanded its revenues, although its securities industry divvy up has stagnated.
In 2017, Free State Live! GGR totaled $545 meg — down feather to a greater extent than $108 1000000 from the $653.1 billion the casino won inward 2016. MGM won $608.6 jillion in 2017.
Statewide GGR inwards 2017 totaled nigh $1.6 billion, significance MGM’s market place divvy up was around 38% and Live! controlled nearly 34%.
Last year, Maryland gambling casino revenue from the hexad properties totaled $2.05 billion. MGM’s $884.5 1000000 represented a 43% market share, and Live!’s $705.3 jillion accounted for a 34% market place share.
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