Horseshoe Casino Baltimore to Improve Pedestrian Traffic From Ravens’ Stadium
Given the ongoing drop in business at the urban gaming establishment, Horseshoe Casino Baltimore is in desperate need of a ringer.
Although it was created in collaboration with CBAC Gaming, LLC, a group of Maryland-based companies and individuals, Horseshoe is owned and run by Caesars Entertainment. Since its August 2014 opening, Horseshoe has mostly failed to live up to expectations, since the Maryland gambling industry has been dominated by MGM National Harbor, which is close to the nation's capital, and Live! Casino & Hotel Maryland, which is close to BWI Airport.
Horseshoe's local neighborhood, which has long been plagued by crime and blight, is a significant obstacle to the community meeting its aspirations. With the casino's launch, Caesars and CBAC had intended to attract more investment to the Southside. It hasn't, and the short stroll from the NFL Baltimore Ravens' home field, M&T Bank Stadium, to the Horseshoe is still unwelcoming. A little further north of the Ravens' field is Camden Yards, the home of the Major League Baseball Orioles.
By investing $16 million to renovate the approximately quarter-mile walk, CBAC, which has decreased its ownership of the Horseshoe over the years by selling off its shares to Caesars, is placing another wager on the neighborhood.
The local area of Horseshoe, which has long been afflicted by blight and crime, is a major barrier to the community achieving its goals. Caesars and CBAC had hoped to increase investment in the Southside with the opening of the casino. It hasn't, and the short walk to the Horseshoe from M&T Bank Stadium, home field of the NFL Baltimore Ravens, remains inhospitable. The Major League Baseball Orioles' home field, Camden Yards, is a little further north of the Ravens' field.
CBAC, which has sold off its shares to Caesars over the years to reduce its ownership of the Horseshoe, is making another bet on the neighborhood by spending $16 million to restore the roughly quarter-mile walk.
This also applies to Caesars and CBAC's 2021 proposal for the bigger "Walk @ Warner Street" makeover of the neighborhood around the Horseshoe. A 320-key hotel, 34,620 square feet of retail space, and eateries and bars are all part of the mixed-use proposal.
Casino Challenges
Horseshoe Casino Baltimore's market share in the Maryland casino sector is still declining.
Horseshoe has only reported two year-over-year increases in gaming revenue since 2016. The COVID-19 pandemic was followed by the outliers.
For the past two years, Baltimore's gross gaming revenue (GGR) from table games and slot machines has decreased. Horseshoe Casino Baltimore's GGR is down 0.6% from 2024 through the first half of 2025, or roughly $570K, indicating that things have somewhat stabilized.
The 122K-square-foot casino at Horseshoe features 150 table games and about 1,400 slots.
Horseshoe Baltimore GGR
- 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
