Caesars Ups Ownership Stake Of Horseshoe Casino Baltimore To 76%

Posted on August 27, 2021

Caesars Entertainment Inc. has acquired a minority interest in Horseshoe Casino Baltimore from one of its joint venture partners.

Caesars announced the deal on Thursday.

Officials didn’t disclose the name of the partner or the financial terms of the deal.

However, with this purchase, Caesars now owns 76% of the popular Maryland casino.

What Caesars gets with Horseshoe Casino Baltimore

According to the announcement, Caesars’ financial statements will now include Horseshoe Casino Baltimore’s performance and results. In other words, if Horseshoe Casino Baltimore succeeds, Caesars will get the credit on its bottom line.

Ownership members currently with a minority stake in the Baltimore casino include:

  • CVPR Gaming Holdings, LLC
  • Jack Entertainment
  • PRT TWO, LLC
  • STRON-MD Limited Partnership

Horseshoe Baltimore opened in 2014. Jack Entertainment (formerly Rock Gaming) was the primary developer of the casino, which is located on Baltimore’s south side, at the time.

Baltimore casino’s rebound

The Maryland Lottery recently released casino revenue figures for fiscal year 2021, which ran from July 2020 to June 2021. Horseshoe Casino Baltimore ranked third out of Maryland’s six casinos with $199.6 million.

MGM National Harbor ($692.2 million) and Live! Casino & Hotel ($622.5 million) had a commanding lead over the other properties during the 12-month period.

However, all MD casino properties are seeing a rebound following a 2020 decline due to COVID-19. In July, Maryland set a state record for monthly casino revenue with $180.1 million. The record has already fallen multiple times this year.

Caesars and Horseshoe Baltimore should also soon get a boost from legal MD sports betting. Maryland voters passed a statewide referendum in 2020, and regulators are now working to get the market operational before the end of the year.

Once live, the MD sportsbook market could be one of the country’s most robust. The state could issue up to 60 licenses for online sports betting, as well as retail sports betting at Horseshoe Casino Baltimore and other gaming and sports venues.

Photo by Dreamsite / Ammentorp
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