Maryland Live! Casino Reports June Gaming Taxes and Revenues in Line With Projections; State Receives in Excess of $19M in Taxes

HANOVER, Md., July 3, 2012 /PRNewswire/ -- Maryland Live! Casino today reported paying in excess of $19 million in gaming taxes to the State of Maryland for its first partial month of operation. These taxes were based on the State's 67% portion of $28,481,477.62 in gaming revenue generated by the facility, a win per machine per day of approximately $359.27. The new $500+ million gaming and entertainment destination, located between Baltimore and Washington, D.C., at Arundel Mills in Hanover, MD, opened to the public on June 6, 2012.

"The results are right in line with projections," said Joe Weinberg, Managing Partner, The Cordish Companies. "Approximately 500,000 people visited the casino during its first 24 days of operation. Critically, they came from a very wide geographic area, with roughly half of our visitors coming from the District of Columbia, the Maryland counties surrounding D.C., and Virginia. It is clear that if we are going to continue to meet the State's expectations, we have to be able to continue to draw visitors from these areas."

Maryland Live! Casino paid out more than $169 million to casino customers through the month, including $6.8 million in jackpots of $1,200 or higher.

"We've delivered a true Las Vegas-style customer experience combined with the convenience of a regional facility," stated Robert J. Norton, President and General Manager, Maryland Live! Casino. "The opening of the new interchange at Arundel Mills Boulevard and MD 295 makes access to the casino and mall extremely convenient, and our state-of-the-art garage allows patrons to have free covered parking and easy access directly into the casino."

Maryland Live! Casino is the 3rd largest commercial casino in the United States. Between August and November 2012, the casino will open an additional 1,575 slots and electronic table games, as well as other world-class amenities, including the Rams Head Center Stage live music venue, and the legendary regional dining destination, The Prime Rib steak house.

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; and nationally-acclaimed restaurants, such as Bobby's Burger Palace from celebrated chef Bobby Flay, The Cheesecake Factory®, and Phillips® Seafood. Upon completion in Fall 2012, Maryland Live! Casino will be one of the largest gaming, retail and entertainment destinations in the country with a total of 4,750 slot machines and electronic table games; the addition of Rams Head Center Stage, a state-of-the-art, live entertainment venue; the top Zagat-rated steakhouse The Prime Rib®; a bus lounge and retail shop; plus, designer name brand shopping at Arundel Mills. 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