Horseshoe Casino Baltimore generated $27.6 million from slot machines and table games last month in its best performance since opening a year ago.
After a slow start, the gambling emporium on Russell Street reached its highest level of revenues last March, a month before the Baltimore riot sent revenues plummeting in May.
August’s revenues were $3.2 million above the July level, according to figures released this afternoon by the Maryland Lottery and Gaming Control Agency.
Operated by the Caesars group of Las Vegas, Horseshoe gained last month on his much-larger rival, Maryland Live Casino in Arundel Mills, which reported lower revenues in August compared to July.
Even so, Maryland Live does nearly double the business of Horseshoe. For example, slot machines at Horseshoe grossed $191.84 a day per unit last month, while slots at Maryland Live grossed $278.83 per machine.
Despite its improved performance, Horseshoe still generates about 30% less revenue than was 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 Horseshoe to the city, a planned property tax rate reduction for homeowners was cancelled by Mayor Stephanie Rawlings-Blake.
As a result, the property rate for homeowners in fiscal 2016 remains at $2.13 per $100 of assessed value, or more than double the rate of Baltimore County.