Baltimore Casino Has Lackluster Start: ReportHorseshoe's September Revenues Far Less Than What Mayor Predicted |
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Though it has been open for little more than a month, the $442 million Horseshoe Casino Baltimore is already disappointing those who were anticipating better revenues.
During the month of September the casino won 34 percent less than what Baltimore’s mayor had predicted the casino would, according to BaltimoreBrew.com.
The casino took $22.4 million off of gamblers in the month.
The news could be bad for the local government and the city’s residents, the report said.
What this means for Baltimore City is that—if the current revenue trend continues —“local community impact” funds generated by Horseshoe will be about $730,000 a month. That’s a third less than the $1.1 million a month ($10 million over 9 months) projected by the city Finance Department for fiscal 2015…The city has already committed $7 million of those impact funds to reimburse Horseshoe’s operator, Caesars Entertainment, for relocating an underground steam pipeline and rehabilitating city streets around the casino.
According to data from Maryland gaming regulators, Horseshoe Casino Baltimore’s poker tables (“non-banking table game”) averaged $764 in revenue per day during September.
The poker room has 25 tables.
Maryland currently has five casinos.
The largest in terms of revenue is Maryland Live!, which took in roughly $45.5 million in September. Maryland Live! is located 10 miles away in Anne Arundel County.
With the help of Horseshoe Casino Baltimore, the state as a whole did see record gaming revenue in August. Statewide casino win topped the $80 million threshold for the first time. That marked was surpassed in September, thanks to the Horseshoe being open.
Another Maryland casino project is on its way. MGM Resorts will open its casino in Prince George’s County sometime in 2016. It will come with a price tag of $925 million.
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