Nevada-based casino and hotel company Caesars Entertainment is now the owner of 76% of the Horseshoe Baltimore casino, following a recent deal where Caesars acquired a minority interest from an undisclosed joint venture partner.
Caesars Now Owns 76% of Horseshoe Baltimore
Although Caesars didn’t comment on the monetary aspect of the deal, it did announce the news in the wake of the US markets’ closure for the day. The company revealed that it will now consolidate the results of the property on Caesars’ financial statements.
Very little about this deal was released to the public. Apart from preferring to hide the name of the partner who sold the minority interest and the exact sum of the aforementioned deal, Caesars has also decided to remain silent on where it plans to take it from here and what are the company’s plans for Horseshoe Baltimore.
Boasting of over 1,313,197 square feet of play area, the Horseshoe Baltimore casino is the second-largest gaming hall in Maryland. With such an acquisition, Caesars has a lot of new options and opportunities.
Industry Experts Speculate on Caesars’ Intentions
Some speculate that the deal was made as a clever move to capitalize on the current situation that is seeing a returning gambling interest in Maryland. Others consider it might have been a long-planned move, as Caesars Entertainment first announced its intentions of boosting its Horseshoe Baltimore stake almost exactly seven years ago (August 16, 2014). That date was the opening day of the big gambling property.
A third party believes that Caesars’ move on Horseshoe Baltimore is sparked by the former company’s interest in acquiring a sports betting license in Maryland. A lot of sports betting operators have been attentively following the state with interest. Sports betting in Maryland has been greenlit, but its launch will likely be postponed because of bureaucracy. Yet, despite that, some influential operators have been securing positions in the state in advance.
A fourth group even proposed that Caesars might be looking to make its Horseshoe Baltimore stake more attractive and later sell it to VICI Properties for a high sum.
Whatever the truth about Caesars’ intentions, it’s a fact that by increasing influence over the Horseshoe Baltimore, it will also improve its presence on the local betting market. In so doing, Caesars will have multiple opportunities to proceed with its plans, whatever they are, or change them according to the situation and what seems most lucrative at the moment.
It is yet to become clear if Caesars will continue increasing its stake in Horseshoe Baltimore until it owns all of it. In any case, the company has been enjoying massive success with its latest operations and will likely continue to fortify itself on the gambling market.