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Another lackluster month for Horseshoe

Lowest February revenues since the casino opened

Above: A billboard at the Baltimore Arena when the Russell Street casino debuted in 2014. (Mark Reutter)

The glow of Baltimore’s casino continues to dim before the glitter of the MGM National Harbor complex outside of Washington.

Although its revenues recovered somewhat from a precipitous fall in January, Horseshoe Casino still eked out historically low revenues in February, according to figures released today by the Maryland Lottery and Gaming Control Agency.

The Russell Street facility generated $22 million from both slot machines and table games last month.

That’s $3 million down (-12%) from February 2016 and $958,000 below (-4%) February 2015, when the casino was in its first year of operation.

Statistically, Horseshoe suffered less than Maryland Live Casino, which registered a 14% drop in year-to-year February revenues based on a much larger income stream.

Attractions and Location

The financial results of both casinos are considered reflective of competition from National Harbor, which opened in Oxon Hill in December and features more tourist and nightclub attractions, including Las Vegas-style restaurants and hotel accommodations, than the gaming emporiums in the Baltimore area.

The new casino is also closer to Washington and the affluent Virginia suburbs.

Maryland Live, however, did manage to edge out National Harbor to reclaim its title as the largest revenue-generating casino in the state – $46.3 million in February versus $45.8 million for National Harbor.

Horseshoe’s sluggish performance of $22,031,143 in monthly revenues means that only $450,418 went into Local Impact Grants for Baltimore.

The city was originally counting on about double that amount.

The casino also generated $6.3 million in Education Trust Funds that go into state coffers and are then distributed to local school districts.

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