Moving to consolidate its ownership of Horseshoe Baltimore, Caesars Entertainment has bought out one of the casino’s several joint-venture partners, giving the casino giant 76 percent of the waterfront-area casino. That was virtually all Caesars disclosed, announcing the transaction in a terse, two-sentence, news release.
The move comes as Caesars is jockeying for a portion of the new Maryland sports betting market. Horseshoe Baltimore had been suffering a lengthy decline in revenue and market share, quarter over quarter, snapping its unlucky streak only last month when it equaled its performance in July 2019.
Yesterday’s announcement coincided with the seventh anniversary of the $442 million casino’s opening. The purchase could be a prelude to further buyouts, enabling Caesars to sell the physical assets of Horseshoe Baltimore to its real estate investment trust, Vici Properties.
Caesars spokeswoman Gia Selvaggio did not respond to a request for comment, nor did the company file an announcement of the transaction with the Securities & Exchange Commission.
Caesars (CZR) stock traded up on the news, gaining 3.75 percent to reach $103.75 per share.
