Caesars Entertainment (NASDAQ: CZR), on Thursday, revealed its plan to acquire one of Horseshoe’s Baltimore Joint venture partners. However, the Nevada-based company did not disclose the term of the deal.
This transaction will enable Caesars to own 76 percent of Horseshoe Baltimore. Caesars will also increase properties on its financial statements.
The statement released by Caesars was scant and did not reveal what the company paid for the stake. Caesars has not revealed from which minority partner of Horseshoe Baltimore it acquired the interest.
Caesars’ plan to stake $442 million in Horseshoe Baltimore dates back seven years ago. From that plan, Caesars seems to be looking to gain more control of the Maryland gaming avenue as it seeks a wagering license in the statement.
Maryland was expected to launch regulated sports betting before the start of the 2021 NFL season. However. Due to bureaucratic delays, Mary has to wait for a while before the coveted sports betting market can start running.
Other operators are also looking to gain exposure to the Maryland sports betting market. For instance, Penn National Gaming has already acquired operating rights with the Hollywood Casino Perryville.
Caesars has already made its intentions clear of being a major player in the growing iGaming and sports betting industries. The acquisition of Horseshoe Baltimore will only improve its position to interlock with that plan.