Maryland’s Horseshoe Casino Celebrates Its Second Anniversary
Maryland’s Horseshoe Casino in Baltimore has seen a second successful year reporting increased revenues and delivering higher tax revenue to the state.
The casino was opened two years ago on August 29, 2014 and is reported to have hosted over 4 million guests this year which is around a million lesser than its first year record.
The casino also reported bringing in revenues of $283 million in last 11 months and expects to cross the targeted $300 million next month. The casino had recorded revenue of $281 million in its first year of operation.
Horseshoe Baltimore
In a statement, Erin Chamberlin General Manager said
What has been achieved here in two short years is pretty spectacular. When you first open up in a brand new market, and this not an established gaming market, you are not really sure what guests are looking for. But we have learned over time what customers prefer and we have tailored our marketing efforts to make us more successful
Chamberlin said that the first year was largely spent in ensuring that the casino operations went smoothly but in the second year the casino was able focus on the needs of its guests. A key marketing success for the casino has been working with the city’s football team, the Baltimore Ravens as the casino is located next to the M&T Bank Stadium where football matches are hosted. The casino has tied up with former players such as Ray Lewis for events and other programs to attract players attending the games on Sundays to the casino.
The improved revenue allowed the casino to pay out around $22.8 million in city tax payments and local grants, which is an increase of 13 percent over the first year’s $20 million payment. About $7.6 million of this went to local grants to boost growth of businesses in the vicinity of the casino. In all, the casino has contributed to more than $42 million in city taxes and impact grants. Around 5.5 percent of revenue from slots is mandatorily contributed toward supporting development projects in the neighbourhoods around the casino.
Most of Horseshoe Casino's local impact grants support this year went towards revitalization of the South Baltimore Gateway, which is the area around the casino that the city wants to redevelop. Speaking at an event where the casino’s second year results were announced, Mayor Stephanie Rawlings-Blake said that the casino was responsible for bringing more people to the city and was enabling local businesses to succeed.
The Horseshoe casino is preparing to face increased competition with the upcoming opening of the MGM National Harbor nearby.
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