National Harbor sets new revenue record

national harbor revenue

Credits: MGM National Harbor.

The latest casino to open its doors in Maryland has reached a new gaming revenue record in August.

US.- The Maryland Lottery and Gaming Control Agency released on Wednesday the numbers that showed that MGM National Harbor reached a new gaming revenue record in August. Earlier this week, MGM revealed that the gambling facility is set to be leased from MGM Growth Properties LLC under a new agreement.

The local gaming control agency revealed that the state’s six casino operators raked in combined gaming revenue of US$137 million, a 37.1 percent increase when compared to the same month in 2016, but approximately US$1.2 million under the number reached in July. If National Harbor is not considered in the equation, the other five casinos experienced a year-on-year revenue fall of 15.7 percent.

The casino totaled combined slots and table game revenue of US$52 million and established a brand new record for the property, up from the US$51.2 million from March. Table games stole the spotlight as they improved US$2.2 million from the previous month.

The former top scorer in the state, Live Casino & Hotel reported US$44 million of revenue, down from 2016, whilst Horseshoe Casino Baltimore reported a 21.3 percent fall to US$21.8 million.

Earlier this week, MGM Resorts International and MGM Growth Properties LLC (MGP) revealed that they entered a definitive agreement in which a subsidiary of MGP will purchase the long-term leasehold interest and real property investments associated to MGM National Harbor. MGM Resorts said that it’s set to lease the property from MGP and will continue to run the operations following the operation, with no significant changes as to employees, customers, etc. MGP will pay US$1.1 billion, which consists of US$462 million in cash, US$425 million of secured indebtedness of MGM National Harbor, LLC and the issuance by MGP’s subsidiary MGM Growth Properties Operating Partnership LP, which translates into a US$200 million operating partnership, PRNewswire revealed.

The top scorer gambling facility from Maryland will be added to the Master Lease between MGP and MGM Resorts, consisting of a 90 percent to be fixed and grow at 2 percent each year until 2022. The sale is now subject to regulatory approvals and other conditions and is expected to be closed during the fourth quarter of the year.