Horseshoe Casino Baltimore to Improve Pedestrian Traffic From Ravens’ Stadium
Horseshoe Casino Baltimore continues to struggle with declining business, but its minority owner is investing in a streetscape project to lure visitors from Ravens’ games.
The Problem: Blight and Crime Surrounding the Casino
The Horseshoe Casino Baltimore has largely underwhelmed since it opened in August 2014, with MGM National Harbor and Live! Casino & Hotel Maryland dominating the Maryland gaming market.
A major hurdle in Horseshoe’s success is its immediate surrounding area, which has long been plagued by blight and crime. The short walk from M&T Bank Stadium to the Horseshoe remains uninviting.
A New Plan: $16 Million Streetscape Initiative
Caesars Entertainment’s minority owner, CBAC Gaming, LLC., is investing $16 million in a streetscape project to improve three blocks of Warner St. from the Horseshoe Casino Baltimore northeast to Ostend St.
The project includes a new concrete surface, wider sidewalks, a bike path, landscaped areas, new lighting, and underground water and sewer lines.
Mixed-Use Development Plans
CBAC also plans to develop the area surrounding the Horseshoe with a mixed-use plan that includes a 320-key hotel, 34,620 square feet of retail space, and restaurants and bars.
Casino Struggles: Declining Gaming Revenue
Horseshoe Casino Baltimore continues to see its market share of the Maryland casino industry shrink. The casino has posted only two year-over-year gaming revenue gains since 2016, with a decline in slot machines and table games revenues.
Gaming Revenue Trends
- 2016: $324.3 million
- 2017: $271.5 million
- 2018: $259.9 million
- 2019: $237.8 million
- 2020: $145.2 million (COVID-19 pandemic)
- 2021: $208.8 million
- 2022: $209.8 million
- 2023: $192.4 million
- 2024: $172.5 million
The Future of Horseshoe Casino Baltimore
In conclusion, the streetscape project and mixed-use development plans are crucial steps in revitalizing the area surrounding Horseshoe Casino Baltimore. With improved pedestrian traffic and a boost to local businesses, the casino can regain its competitiveness in the Maryland gaming market.