Horseshoe Casino Baltimore to Improve Pedestrian Traffic From Ravens’ Stadium
Posted on: July 22, 2025, 08:42h.
Last updated on: July 22, 2025, 09:15h.
- Horseshoe Casino Baltimore continues to struggle
- The casino’s minority owner is investing in a streetscape project
- The Warner St. investment is to lure visitors from Ravens’ games
Horseshoe Casino Baltimore is in dire need of a ringer, as business continues to decline at the urban gaming property.
Horseshoe is owned and operated by Caesars Entertainment, but was developed through a partnership with CBAC Gaming, LLC., a consortium of Maryland-based businesspeople and entities. Horseshoe has largely underwhelmed since it opened in August 2014, as MGM National Harbor, located near the nation’s capital, and Live! Casino & Hotel Maryland near BWI Airport have dominated the Maryland gaming market.
A major hurdle in Horseshoe living up to expectations is its immediate surrounding area, which has long been enveloped by blight and crime. Caesars and CBAC had hoped the opening of the casino would bring additional investment to the Southside. It hasn’t, and the short walk from M&T Bank Stadium, home of the NFL Baltimore Ravens, to the Horseshoe remains uninviting. Camden Yards, home of the MLB Orioles, is just a bit further north of the Ravens’ field.
CBAC, which has reduced its stake in the Horseshoe over the years by selling off its shares to Caesars, is betting again on the area by investing $16 million to revamp the roughly quarter-mile walk.
Streetscape Initiative
This week, CBAC announced a $16 million investment to improve three blocks of Warner St. from the Horseshoe Casino Baltimore northeast to Ostend St., where the road meets Lot D of M&T Bank Stadium. A CBAC spokesperson told SouthBMore.com that once completed, Warner will have a new concrete surface, wider sidewalks, a bike path, landscaped areas, new lighting, and underground water and sewer lines.
Warner St. passes Topgolf along the way to Ostend. At its northern end stands 1300 Warner St., a former warehouse that CBAC purchased in 2018 for $4.8 million with plans to invest $50 million to convert the nearly 100K-square-foot brick structure into a live music entertainment venue called The Paramount or The Ostend. Seven years later, little progress has been made on the 3,750-seat venue.
That’s also true for the larger “Walk @ Warner Street” redevelopment of the area surrounding the Horseshoe that Caesars and CBAC pitched in 2021. The mixed-use plan includes a 320-key hotel, 34,620 square feet of retail space, and restaurants and bars.
Casino Struggles
Horseshoe Casino Baltimore continues to see its market share of the Maryland casino industry shrink.
Since 2016, Horseshoe has posted only two year-over-year gaming revenue gains. The outliers came in the aftermath of the COVID-19 pandemic.
Baltimore’s gross gaming revenue (GGR) from slot machines and table games has declined for two consecutive years. Things have stabilized a bit, as through six months of 2025, Horseshoe Casino Baltimore GGR is down 0.6% from 2024, or a difference of about $570K.
Horseshoe’s 122K-square-foot casino has approximately 1,400 slots and 150 table games.
Horseshoe Baltimore GGR
- 2016: $324.3 million
- 2017: $271.5 million
- 2018: $259.9 million
- 2019: $237.8 million
- 2020: $145.2 million (COVID-19 pandemic)
- 2021: $208.8 million
- 2022: $209.8 million
- 2023: $192.4 million
- 2024: $172.5 million
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