Horseshoe has underperformed relative to Maryland’s other casinos, said James Karmel, a history professor at Harford Community College and the author of “Gambling on the American Dream: Atlantic City and the Casino Era.”
The more than $920 million industry in Maryland stands to grow even bigger as the state begins legalizing online and in-person sports gambling. Horseshoe remains Maryland’s third-largest casino behind MGM National Harbor near Washington and Live! Casino in Hanover. That fell to about $125 million in 2019 and $104 million this year, though the pandemic no doubt affected the return of its business. The casino’s revenue has trended down since 2016, when it reported nearly $160 million in revenue in the first six months of the year. Horseshoe Casino’s ownership group, composed of Caesars Entertainment, Rock Gaming (now known as JACK Entertainment) and Baltimore development firm Caves Valley Partners has been leading the vision for the district, ushering in amenities that could complement the casino and stadium.
