Maryland Dwell! On line casino Resort Poised for Growth, Cordish Says
Maryland Dwell! On line casino & Resort is The Cordish Firms’ flagship resort, the property that laid the muse for the corporate to finally grow to be one of many nation’s largest gaming and hospitality companies.
An aerial view of Dwell! On line casino & Resort Maryland. Operated by The Cordish Firms, firm executives say an growth of the resort within the coming years is probably going. (Picture: The Cordish Firms)
Maryland Dwell! was the primary Dwell!-branded on line casino to open in 2012. Cordish has since opened two extra Dwell! casinos in neighboring Pennsylvania — Dwell! On line casino & Resort Philadelphia in 2021, and Dwell! On line casino Pittsburgh a 12 months earlier.
Cordish is presently amid an funding binge, as the corporate is searching for authorization to construct a $1.4 billion built-in on line casino resort in Petersburg, Va., and continues to pursue a second mini-casino in Pennsylvania.
As for its mixed-use division, Cordish is partnered with Caesars Leisure to construct a residential group and purchasing district adjoining to Caesars’ Harrah’s Pompano Seaside racino in Florida. Cordish can also be progressing with a $70 million housing challenge in Arlington, Texas.
The spending comes after Cordish, in late 2021, agreed to promote the property belongings of its casinos in Maryland and Pennsylvania to Gaming and Leisure Properties, Inc. (GLPI). The true property funding belief managed by Penn Leisure paid Cordish $1.81 billion for the three properties. Cordish continues to function the casinos and retain income by a lease-back association with GLPI.
Flush with money, Cordish is mulling its subsequent steps. And the chances are good that Maryland Dwell! will obtain a major growth and/or renovation funds.
Early Planning Phases
David Cordish, the household patriarch, not too long ago sat down with the Baltimore Business Journal for a wide-ranging interview on the way forward for his group. He revealed that it’s seemingly that the corporate will add one other growth to the Hanover on line casino within the coming years.
We’ve got three main divisions on the firm and all are rising at a really speedy tempo. They’re exploding,” Cordish informed the BBB. “We’ve got 4 different casinos within the works in 4 states that we’re not presently working out of.”
Whereas Virginia is a type of 4 states, Cordish didn’t reveal the three different states that the corporate is focusing on. Texas could possibly be one other, although business gaming there stays unlawful regardless of current legislative efforts.
Cordish stated the corporate can also be “continually including to our current casinos.”
Dwell! On line casino Maryland received $493.8 million on its slot machines final 12 months. Desk video games added $211.5 million for mixed retail gross gaming income of roughly $705.3 million. That ranked second within the state, behind solely MGM Nationwide Harbor at $884.5 million.
MGM Competitors
Earlier than MGM Resorts opened Nationwide Harbor in December 2016, Maryland Dwell! was the highest on line casino within the state. MGM, in its early years, led to diminished GGR at Dwell! However the Hanover property has since rebounded and expanded its revenues, though its market share has stagnated.
In 2017, Maryland Dwell! GGR totaled $545 million — down greater than $108 million from the $653.1 million the on line casino received in 2016. MGM received $608.6 million in 2017.
Statewide GGR in 2017 totaled about $1.6 billion, that means MGM’s market share was round 38% and Dwell! managed about 34%.
Final 12 months, Maryland on line casino income from the six properties totaled $2.05 billion. MGM’s $884.5 million represented a 43% market share, and Dwell!’s $705.3 million accounted for a 34% market share.
