Cumberland Times-News

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August 12, 2013

Casino numbers improving, company says

Rocky Gap sees revenue of nearly $3.5M in July from slots, table games

ROCKY GAP — While early revenues at the Rocky Gap Casino Resort were lower than expected, things seem to be improving, company President and Chief Financial Officer Tim Cope said is a statement released with Lakes Entertainment’s second quarter financial results.

Lakes Entertainment owns the Rocky Gap casino through a subsidiary.

“While initial results at Rocky Gap were below expectation, we have been able to implement marketing plans to make the surrounding market aware of our offerings and we have seen increases in visitation and a growth in revenue during the month of July,” Cope said.

That assessment is backed up by the most recent earnings numbers released by the Maryland Lottery and Gaming Control Agency.

In July, Rocky Gap had $3,474,316 in revenue from slot machines and table games, the agency reported. The gross earnings per unit per day was $175.69 for slot machines and $1,403.73 for table games, the agency reported. That gave Lakes Entertainment $1.5 million in revenue for July. Local impact grant money generated in July was more than $83,000.

Those numbers compare favorably with June earnings. The casino reported earnings of $2.5 million in June, its first full month of operation. Rocky Gap has 558 slot machines, also known as video gaming terminals, and 10 gaming tables.

The June earnings reports broke down the $2.5 million gross gaming revenue, as follows, per unit per day: $128.59 for slot machines and $1,111.67 for banking table games.

Improvements to the facility continue as well, Cope said.

“Construction of the event center at Rocky Gap is on track and we expect to open that space during the fourth quarter of this year,” Cope said. The event center is expected to accommodate large groups for conferences. Allegany County commissioners have been pressing for an early completion date for the conference center.

Contact Matthew Bieniek at mbieniek@times-news.com

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