This means Caesars’ stake in the property has been increased to 76%, and as a result its financial performance will be included in the operator’s financial statements.
It has not yet been revealed which joint venture partner has sold its stake. When Horseshoe Baltimore opened in 2014, it was developed with Rock Gaming – now Jack Entertainment – as the main partner.
That business and Caesars established a consortium also featuring real estate developer CVPR Gaming Holdings; STRON-MD and PRT TWO for the property, which is located near Baltimore’s M&T Bank Stadium and Oriole Park sports arenas.
Caesars’ decision to consolidate Horseshoe Baltimore into its financial reporting comes as Maryland prepares to launch legal sports betting.
After a statewide referendum saw voters back legal betting, HB 940 was passed by the Maryland legislature, then signed into law by Governor Larry Hogan, in May this year.
It will allow mobile betting, as well as betting at stadiums, casinos, racetracks and smaller gaming venues, with a maximum of 60 licences to be issued. All betting will be subject to a 15% gross revenue tax.