Horseshoe Casino recovering from post-riot slump
Revenues are up from a low in May, but still trail the results of late winter, not to speak of the predictions made before the casino was opened
Above: Horseshoe’s “come hither” billboard ad on the Royal Farms Arena downtown.
Revenues generated by gamblers at the Horseshoe Casino regained much of the ground lost after the Baltimore riot and curfew, according to figures released this afternoon by the Maryland Lottery and Gaming Control Agency.
The Russell street gaming emporium reported $24,380,317 in revenues from slot machines and table games in July – an increase of $1.3 million from June and nearly $3 million over May, when a citywide curfew forced the 24-hour facility to shut down overnight for several days.
Last month’s total, however, did not match the take of late winter, which peaked in February with $821,036 collected daily from gamblers and amounted to nearly $25 million in March.
Approaching its first-year anniversary on August 26, Horseshoe continues to underperform, generating about 35% less revenue than projected by city and state officials when the casino was being touted as an economic development tool for Baltimore.
Because of lesser-than-expected ground lease payments from the casino, a planned property tax rate reduction for homeowners by Mayor Stephanie Rawlings-Blake was canceled earlier this year.
Instead, the rate for homeowners for the current tax year will remain at $2.13 per $100 of assessed value, or more than double the rate of Baltimore County.
Horseshoe’s chief competitor, Maryland Live in Anne Arundel County, continues to dominate the local market, collecting $56.9 million in gambling revenues last month, according to the state agency.