Rocky Gap revenues top $700,000 in 10 days
Majority of money was from casino’s slot machine operationMatthew Bieniek Cumberland Times-News The Cumberland Times-News Tue Jun 11, 2013, 11:17 PM EDT
ROCKY?GAP — Rocky Gap Casino Resort made $776,133 in revenue from slots and table games during the 10 days it was open in May, state gaming officials said.
The casino opened May 22. More than $600,000 of the revenue was from the slots side of the operation, which took in $648,365.59.
“Gross gaming revenue per unit per day was: $106.39 for slot machines and $1,161.52 for banking table games. Rocky Gap Casino Resort operates 554 slot machines and 10 banking table games,” according to a press release from the Maryland Lottery and Gaming Control Commission.
Allegany County Commission President Michael McKay said it was too early to start thinking about the potential revenue to the county. McKay said he wants to see what happens over a two- to three-year period, at least, before making any judgments.
“With the projections and the May numbers it is too soon to forecast success or have apprehension,” McKay said. “I’m optimistic and excited by the early results.” McKay said he took it as a good sign that it was hard to find parking when he stopped at Rocky Gap on business. But he offered further words of caution.
“We need to be fiscally prudent. ... It’s premature to start commenting and premature for the county to start talking about spending the revenue,” McKay said. The county and the casino company have a payment in lieu of taxes agreement in place that will pay the county at least $295,000 a year.
Slot machine revenue from Rocky Gap included a contribution of $272,315.55 to the state’s education trust fund and local impact grants of $17,830.05. Lakes Entertainment earned $324,128.81, according to commission records. Total table game revenue was $127,767.50.
Rocky Gap helped save the day, or month, for state gambling revenues.
“In a year-to-year comparison — excluding Maryland Live, which opened in June 2012 and Rocky Gap Casino Resort — May 2013 casino revenue decreased from May 2012 by $1,206,766 or 8.29 percent. The addition of Maryland Live and Rocky Gap Casino Resort, however, brought a year-to-year net benefit to the state of $36,599,254. May’s figures brought total fiscal year 2013 gross revenues to $511.1 million,” according to the press release. The Maryland Live Casino is in Anne Arundel County.
Lakes Entertainment controls subsidiary Evitts Resort LLC, which owns the casino.
Lakes also held its 2013 annual shareholders meeting June 5 at Rocky Gap. Shareholders elected a five-member board of directors consisting of Lyle Berman, Timothy Cope, Neil I. Sell, Ray Moberg and Larry C. Barenbaum. Berman is the chief executive officer of the company and Cope is the chief financial officer. The information was reported, as required, to the federal Securities and Exchange Commission.
Contact Matthew Bieniek at mbieniek@times-news.com.
