Cumberland Times-News

March 7, 2014

Rocky Gap revenue up for February

Earnings up more than $80,000 from January

Matthew Bieniek
Cumberland Times-News

— ROCKY GAP — A week before the parent company of Rocky Gap Casino Resort releases earning results for 2013, state regulators say the resort continues to rake in revenue from slots and table games.

Revenue from all gaming at the casino rose to $3,109,916 for February compared to $3,029,311 in January. The report was released by the The Maryland Lottery and Gaming Control Agency.

Lakes Entertainment’s stock price was trading at $5.21 Thursday afternoon, near the past year’s high point of $5.22. The earnings conference call is set for March 13, just after the company’s financial results are released. Lakes is the parent company of Evitts Resort, which operates Rocky Gap.

Besides the revenue to the county from gaming operations, expected to be about $700,000 for fiscal 2014, the county has a payment in lieu of taxes agreement, signed in 2012, which will generate at least an annual payment of $295,000, or .9 percent of Evitts Resort’s annual operator share, whichever is greater. That amount is to be paid for 15 years, according to the agreement. The county is budgeting for $295,000 for the current fiscal year, county officials said. The county will also receive about $300,000 in hotel/motel taxes per year.

In order to better accommodate the crowds at the casino and resort, the resort recently reached an agreement with the Maryland Department of Natural Resources to add 150 parking spaces to the 700 spaces currently at the resort.

Revenue per day at Rocky Gap was $170.58 for slot machines, $1,240.61 for banking table games and $497.91 for non-banking table games. Rocky Gap Casino Resort operates 558 slot machines and 14 table games, the agency reported.

All casinos throughout the state generated February revenues of $66,014,094. In a year-to-year comparison — excluding Rocky Gap Casino Resort, which opened in May 2013 — February 2014 casino revenue increased from February 2013 by $15,136,641 or 31.7 percent, the agency said.

Matthew Bieniek can be contacted at mbieniek@times-news.com.