{"id":79638,"date":"2018-06-04T16:00:00","date_gmt":"2018-06-04T23:00:00","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=79638"},"modified":"2018-06-04T14:49:37","modified_gmt":"2018-06-04T21:49:37","slug":"maryland-live-casino-to-unveil-200-million-hotel-tower-in-bid-to-take-on-mgm-national-harbor","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/maryland-live-casino-to-unveil-200-million-hotel-tower-in-bid-to-take-on-mgm-national-harbor\/","title":{"rendered":"Maryland Live! Casino to Unveil $200 Million Hotel Tower in Bid to Take on MGM National Harbor"},"content":{"rendered":"

Maryland Live! casino will open a $200 million hotel tower on Wednesday as it seeks to challenge MGM National Harbor\u2019s dominance of the regional market.<\/p>\n

\"Maryland
Maryland Live!\u2019s new hotel tower will open Wednesday on the casino\u2019s sixth anniversary. The property was expected to struggle after the launch of the MGM National Harbor, but analysts\u2019 gloomier predictions have not materialized, and both properties are experiencing growth. (Image: Cordish Companies)<\/figcaption><\/figure>\n

The high-end hotel, the tallest building in Anne Arundel County — and that includes the state capital Annapolis — boasts 17-stories of \u201cplush\u201d rooms, according to the Baltimore Sun<\/em>, and is adorned with fine art from the collection of David Cordish, CEO and chairman of The Cordish Companies, the Baltimore-based group that owns the Live! casino chain.<\/p>\n

The tower is the centerpiece of a series of recent improvements that include new bars and restaurants, as well as a spa and 4,000-seat concert and event hall, currently under construction. The hotel will open on the casino\u2019s sixth anniversary.<\/p>\n

National Harbor Raises the Stakes <\/strong><\/h2>\n

The state\u2019s casino landscape was very different when Maryland Live! entered the market in 2012 with just two, smaller competitors. Three casinos have joined since, including the Horseshoe Casino Baltimore<\/a> and, in December 2016, MGM Resorts\u2019 $1.4\u2009billion National Harbor.<\/p>\n

The latter, built on the banks of the Pontiac, swiftly came to dominate the sector<\/a>, capturing the footfall from nearby Washington DC and challenging Maryland Live!\u2019s monopoly of the Virginia market.<\/p>\n

\n

The National Harbor has become MGM\u2019s fifth best-performing property by revenue in the US, outperforming many of its Strip properties, like Luxor, New York-New York, The Mirage and Excalibur.<\/p>\n<\/div>\n

Predictably, it quickly began to vacuum up Live!\u2019s customers. The Cordish property reported month of declining revenues, but it has rallied since. Analysts in 2013 predicted the National Harbor would take 23 percent of Live!\u2019s revenue but this scenario has not materialized \u2013 at least not yet.<\/p>\n

Alive! and Kicking<\/strong><\/h2>\n

And Live! is fighting back. The casino has long since returned to growth. April revenue grew 3 percent year on year, to $46.8 million, placing it a healthy second in Maryland behind the National Harbor\u2019s $57.7 million.<\/p>\n

National Harbor is also currently undergoing improvements and renovations, but, for now, both properties have found a way to co-exist in the market.<\/p>\n

\u201cIn gaming, everyone plays blackjack the same way, they all have the same odds, everyone has a roulette wheel,\u201d David Cordish, the patriarch of a property empire that spans four generations, told the Baltimore Sun<\/em> this week. \u201cThe difference is what\u2019s around it,\u201d he added.<\/strong><\/p><\/blockquote>\n

Unfortunately for Cordish, it’s a premise MGM understands only too well.<\/p>\n","protected":false},"excerpt":{"rendered":"

Maryland Live! casino will open a $200 million hotel tower on Wednesday as it seeks to challenge MGM National Harbor\u2019s dominance of the regional market. The high-end hotel, the tallest building in Anne Arundel County — and that includes the state capital Annapolis — boasts 17-stories of \u201cplush\u201d rooms, according to the Baltimore Sun, and […]<\/p>\n","protected":false},"author":36,"featured_media":79640,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\nMaryland Live! Casino to Unveil $200 Million Hotel Tower<\/title>\n<meta name=\"description\" content=\"Cordish Companies\u2019 Maryland Live! casino is fighting back against the dominance of the MGM National Harbor with a gleaming new $200 million hotel tower. 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