2014

Maryland Live! Casino Pays More Than $23.7M In Gaming Taxes To The State Based On July Revenue Of $35,408,796.62 Total Payout for July Tops $195.6M, Including $8.7M in Jackpots Greater than $1,200

ANNE ARUNDEL COUNTY, Md., Aug. 6, 2012 /PRNewswire/ -- Maryland Live! Casino today reported paying more than $23.7 million in gaming taxes to the State of Maryland after its first full month of operation. July 2012 taxes were based on the State's 67% portion of $35,408,769.62 in gaming revenue generated by the facility, a win per machine per day of approximately $351.54.

Maryland Live! Casino also paid out more than $195.6 million to casino customers through the month, including $8.7 million in jackpots of $1,200 or higher.

"Our revenues continue to be in line with our projections," said Joe Weinberg, Managing Partner, The Cordish Companies. "Of great significance, the State's overall July casino revenues clearly demonstrate oversaturation is already a serious problem for Maryland. Even with Maryland Live! only partially open and Baltimore City not open at all, July revenues at Hollywood Casino Perryville were down 32.4% as a result of competition from Maryland Live! and the Perryville facility is located over 50 miles from Maryland Live!"

Continued Mr. Weinberg, "The July numbers reinforce it is premature for the State to consider an expansion of gaming before ensuring that Maryland can actually support the five existing licenses. Maryland Live!'s results show approximately 50% of its customer base is from the District of Columbia, Virginia, Prince George's and Montgomery Counties, markets located within 30 miles of Maryland Live! Actual data clearly shows the State risks undermining the health of the entire Maryland gaming industry by adding a 6th mega casino in Prince George's."

"Prior to adding another massive casino to the Baltimore-Washington corridor, common sense dictates such a drastic change can only be made based on actual performance data after all five existing authorized facilities are open and stabilized. Maryland casinos are paying the highest tax rate on slots in the country, which rate cannot be sustained with massive new capacity added to the 40-mile corridor encompassing Prince George's, Anne Arundel and Baltimore City. The best and fairest approach to maximizing gaming taxes for the State is to maintain the tax rate at current levels and add table games to the five existing sites. That is the course of action that will most benefit the State of Maryland and its citizens, show Maryland is a reliable business partner, and ultimately provide the highest tax revenues to the State," concluded Mr. Weinberg.

The new $500+ million gaming and entertainment destination, located between Baltimore and Washington, D.C., at Arundel Mills in Hanover, MD, opened Phase 1 of the project on June 6, 2012. With Phase 2 construction ahead of schedule, the property recently unveiled a newly-expanded portion of the casino floor, complete with 531 additional slot machines and electronic table games; plus, the Rams Head Bar. The new amenities provide more entertainment options for guests as Maryland Live! Casino works towards the completion of the 3rd largest commercial casino in the United States.

By mid-September, Maryland Live! will celebrate the completion of the 2 million-square-foot casino with the addition of the final 1,043 slots and electronic tables games, including a High Limit slots room; as well as the openings of Rams Head Center Stage, a state-of-the-art entertainment venue featuring live entertainment nightly; the grand entrance and porte cochere; the Shop Live! retail store; and a bus lounge.

Finally, by November, Baltimore's legendary Zagat-award-winning steakhouse, The Prime Rib®, will open its doors to complete the Live! experience.

"We have received extremely positive feedback from our customers, who are thrilled to enjoy a world-class gaming and entertainment experience in such a convenient location," stated Robert J. Norton, President and General Manager, Maryland Live! Casino. "Maryland Live! Casino is ideally situated with easy access to all major highways and a safe, covered parking garage with thousands of parking spaces providing direct access to the casino floor."

Maryland Live! Casino is open Sunday through Thursday, 8:00 a.m.2:00 a.m.; Friday and Saturday, 8:00 a.m.4:00 a.m. Visit www.marylandlivecasino.com

About Maryland Live! Casino

Located at the Arundel Mills Mall in Anne Arundel County, Maryland, the new $500 million Maryland Live! Casino opened Phase I of the facility on June 6, 2012, featuring approximately 3,200 slot machines and electronic table games, including a High Limit Room; nationally-acclaimed restaurant brands, such as Bobby's Burger Palace, from celebrated chef Bobby Flay, The Cheesecake Factory®, and Phillips® Seafood; the multi-station Live! Buffet, and Noodles, an Asian wok and noodle bar. Between August and November 2012, Maryland Live! will open Rams Head Center Stage, a state-of-the-art, live entertainment venue; the top Zagat-rated steakhouse The Prime Rib®; a bus lounge; the Shop Live! retail store; and 1,550 additional slots and electronic table games, including a dedicated High Limit Slots Room. Upon completion, Maryland Live! Casino will be one of the largest gaming, retail and entertainment destinations in the country with a total of 4,750 slot positions. Maryland Live! Casino is being developed by The Cordish Companies.

Call 855-5MD-LIVE (855-563-5483) or visit us online at www.marylandlivecasino.com or www.myliveonlinecasino.com Follow Maryland Live! Casino on Facebook and Twitter @MarylandLive. For employment opportunities, visit www.jobsatmarylandlivecasino.com.

About Cordish

The Cordish Companies, now in its fourth generation of family ownership, is an international conglomerate of businesses, including one of the leading gaming, entertainment and real estate development companies in the United States. The company has diverse development expertise with divisions focused on Gaming & Lodging, Entertainment & Mixed-Use, Sports Anchored Districts, Shopping & Lifestyle Retail, Office and Residential. The Cordish Companies also owns and manages a diverse group of operating businesses, ranging from gaming, restaurants/clubs to live music promotion and film/media distribution. The company values itself on the quality of its operations, its long-term relationships, and high level of integrity in all of its endeavors.

The Cordish Companies is the largest and most successful developer of entertainment districts and concepts in the United States. In particular, the company has unparalleled experience in creating and revitalizing high-profile destinations in urban core locations. Many of The Cordish Companies' projects involve public/private partnerships and are of unique significance to the cities in which they are located. Prime examples are the company's prominent role in the redevelopment of Baltimore's world-famous Inner Harbor; Atlantic City, NJ; Hollywood, FL; Charleston, SC; Houston, TX; Louisville, KY; Tampa FL; Kansas City, MO; and Towson, MD.

The Cordish Companies has received the highest possible national awards in its various area of expertise. In real estate, The Cordish Companies has received an unprecedented seven Urban Land Institute Awards of Excellence. www.cordish.com

SOURCE Maryland Live! Casino



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