Caesars Entertainment purchases minority interest in Horseshoe Baltimore
Move indicates hotel and casino company’s intent to gain a sports betting license in Maryland.
Caesars Entertainment has today announced the purchase of a minority interest in Horseshoe Baltimore from one of its joint venture partners. As a result of this transaction, Caesars now owns 76% of Horseshoe Baltimore.
Despite the company’s statement failing to name the minority partner from which Caesars purchased the interest, some of its partners include CVPR Gaming Holdings, LLC, Jack Entertainment, STRON-MD Limited Partnership and PRT TWO, LLC.
Maryland-based Horseshoe Baltimore opened its $442m venue in 2014 and the news of this purchase comes as Caesars attempts to gain a sports betting license in the newly regulated state. The national casino company is competing with other sports betting groups such as Penn National Gaming, who currently operate the Hollywood Casino Perryville after its acquisition of the property last December.
Caesars Entertainment was also recently named the exclusive sports betting and fantasy gaming partner of Fiesta Bowl. The deal will see Caesars host fan lounges for the Guaranteed Rate Bowl at Chase Field and the PlayStation Fiesta Bowl held at the State Farm Stadium.
Speaking on the deal, Dan Shapiro, chief development officer of Caesars Digital, said: “We’re thrilled to work with the Fiesta Bowl Organization on this landmark partnership to bring college football fans closer to the game and build awareness around the importance of responsible gaming practices. These fans are unrivalled in their passion, and we look forward to offering Caesars Sportsbook to them this fall. Our offering provides a leading user experience where every wager gives players more through our award-winning Caesars Rewards.”
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