While management is gambling on more table games to boost revenues, it was standard-issue slot machines that added some luster to Horseshoe Baltimore’s gambling revenues in February, according to data released today by the Maryland gaming agency.

Slots revenue at the Russell Street casino reached $13.1 million last month, up $514,000 from January’s results even though there were three less days in the month.

The addition of 30 table games at the casino, approved in January by the Maryland Lottery and Gaming Control Agency, did little to increase revenues from non-slots gambling.

Daily table-game take was $352,877 last month at Horseshoe – compared to $340,707 in January. The casino now features 189 table games, up from 159 games previously allowed by the state.

Lower-than-Expected Revenues

Since opening last August, Horseshoe has been producing total revenues about 35% below city and state projections.

For example, the city expected $14.5 million in ground rent from the casino in fiscal 2015, but has since lowered that projection to $8.4 million, putting a hole in its current budget and Mayor Stephanie Rawlings-Blake’s plan to use casino revenues to reduce the city’s property tax rate.

In addition, Horseshoe produces an average of $700,000 a month in local impact funds (earmarked for increased policing and other activities around the casino) – down from an expected $1.1 million a month.

However, given that February is not a popular month for gambling, Horseshoe did reasonably well. Revenues of $22,989,376 (from both slots and table games) were slightly below January’s $23,157,788 total.

Its closest competitor, meanwhile, reported a 4.8% slump in revenues between January and February.

Maryland Live in Anne Arundel County had $47 million in revenues last month, compared to $49.4 million in January, according to gaming authorities. However, the casino, locally owned by the Cordish Companies, does more than twice the business of Horseshoe, which is operated by Las Vegas-based giant Caesars Entertainment.