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Best Week, Worst Week: Offit Kurman expansion adds new lawyers; Horseshoe Casino takes a hit

best-worst-011318Maple Lawn-based Offit Kurman began 2018 by added 16 lawyers to its practice this week while casinos in Maryland, most notably the Horseshoe Casino in Baltimore, have seen their revenue decline, thanks to the success of the MGM National Harbor casino in Prince George’s County.

Legal affairs writer Anamika Roy reported Thursday that Offit Kurman’s quest to have 200 lawyers by 2020 took  a step in the right direction when it acquired New York City’s Eaton & Van Winkle and its 16 attorneys, a firm with ties to the Big Apple dating back 200 years. The firm is also in in talks with a 10-lawyer group in the region that would put Offit Kurman at 30 lawyers in New York, with plans to open New York offices in Westchester and Long Island and New Jersey in the future.

Offit Kurman officials said the acquisition, which puts firm at more than 150 attorneys, works well geographically and said that crossover in corporate, real estate, business transactions and commercial litigation would give the firm greater depth in existing practice areas.

And as Offit Kurman continues to grow, Maryland casinos — especially Horseshoe Casino in Baltimore — are shrinking in the shadow of MGM National Harbor.

Government affairs writer Bryan P. Sears reported Monday that Maryland’s newest casino continues to expand the state’s gaming revenue pie while simultaneously cannibalizing market share from the original five gambling venues.

MGM’s growth — more than $14.6 million, or about 35 percent year-over-year — comes as four of the five original casinos reported decreases in revenue compared to the same month a year ago.

Baltimore’s Horseshoe Casino reported total revenue last month of about $24 million or nearly $5.8 million less than a year ago. The amount, a 19.5 percent decline, is the single-largest revenue drop in terms of dollar amount and percentage decrease of all the state’s casinos.

Hanover-based Maryland Live Casino, MGM’s closest geographic competitor, reported nearly $47.2 million in revenue, about $833,000 and 1.7 percent less than the same time last year.

Only Rocky Gap Casino Resort in western Maryland, with its nearly $3.8 million in revenue, did better compared to December 2016. Last month’s revenue report represents a 6.8 percent increase over the same time last year.