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Maryland Live revenue declines less than predicted

Is Maryland Live casino weathering the storm?

Maryland Live absorbed a marginal revenue hit in October in the face of competition from the newly opened Horseshoe Casino Baltimore, but the decline was smaller than the previous month and less than analysts had predicted.

Revenue from slot machines and table games totaled $50.3 million for Maryland Live — down 3 percent from the same month a year ago, according to figures released Wednesday by the Maryland Lottery and Gaming Control Agency.

September's decline had been steeper — 9.8 percent — and ended a period of steady gains since the casino, the state's largest, opened in June 2012.

Horseshoe, Maryland Live's chief rival, opened on Aug. 26. A November 2013 study by Cummings Associates of Arlington, Mass., projected that Horseshoe's arrival could mean a 16 percent decline in Maryland Live's slots revenue and a 25 percent drop in revenue from table games.

Maryland's Live's revenue is more than double that of Horseshoe, which generated $22.5 million in October. It had revenue of $22.3 million in September, its first full month of operation.

Horseshoe officials have said they are pleased with revenue during the casino's opening months. They have sought to take advantage of its close proximity to Camden Yards and M&T Bank Stadium, and said there have been "incremental week-over-week gains" in luring Ravens fans into the casino on game days.

Maryland Live called its October results "incredibly strong, showing only a slight deviation from the previous year and greatly exceeding the state's projections despite new competition."

Overall revenue from the state's five casinos reached $86.8 million, topping last month's record of $82.4 million.

At Hollywood Casino Perryville, monthly revenue fell to $6.1 million, down 11.1 percent, from a year earlier. Casino at Ocean Downs' revenue decreased 2.7 percent to $4.1 million. Rocky Gap Casino Resort saw revenue increase 11.2 percent to $3.8 million.

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