\nBy Howard Stutz, Las Vegas Review-Journal
\n\tChad Barnhill carefully maneuvered visitors through an active construction site Monday that is quickly becoming the $442 million Horseshoe Casino Baltimore.<\/p>\n
\tHe paused in front of floor-to-ceiling windows on the second floor.<\/p>\n
\tIn clear view was M&T Bank Stadium, home of the National Football League\u2019s Baltimore Ravens, seemingly as close as a couple of Joe Flacco passes. The windows open onto an outdoor patio and are part of the 222-seat Johnny S\u00e1nchez restaurant, a collaboration between celebrity chefs John Besh and Aar\u00f3n S\u00e1nchez.<\/p>\n
\tOn the first floor, a similar setup awaits diners to Guy Fieri\u2019s Baltimore Kitchen &Bar, a 350-seat offering.<\/p>\n
\tOn a pleasant fall afternoon game day, the windows in both spaces will be able to open, allowing guests to hear sounds emanating from the stadium.<\/p>\n
\tThe Horseshoe includes \u201cBaltimore Marketplace,\u201d with outlets of the city\u2019s best restaurants.<\/p>\n
\tBarnhill envisions the Horseshoe as a natural stop for Ravens pre- and postgame celebrations.<\/p>\n
\tThe same should hold true during baseball season. Camden Yards, home of the Baltimore Orioles, is on the other side of the football stadium.<\/p>\n
\tDon\u2019t misunderstand. Gaming is an important aspect of the Horseshoe Baltimore.<\/p>\n
\tThe 122,000-square-foot casino will have 2,500 video lottery terminals, 100 table games, and a 25-table World Series of Poker-branded poker room.<\/p>\n
\tBut Barnhill, the Horseshoe Casino\u2019s general manager, wants it understood the project is a full-scale entertainment attraction, designed to bring new life and vitality to downtown Baltimore\u2019s south end when it opens this fall.<\/p>\n
\t\u201cThere will be excitement and energy,\u201d Barnhill said of the Horseshoe, a joint venture of Caesars Entertainment Corp. and Rock Gaming.<\/p>\n
\tHe has a road map to follow.<\/p>\n
\tIn 2012 and 2013, Caesars and Rock opened similar Horseshoe casinos in Cincinnati and Cleveland, spending millions to help revitalize similar neighborhoods. Barnhill said Horseshoe Cleveland attracted 5 million visitors its first year. The same projection has been made for the Baltimore project.<\/p>\n
\tOther major U.S. cities \u2014 Philadelphia, Detroit, Boston \u2014 have used tax dollars associated with gaming, or are considering gaming itself, as a means of economic development.<\/p>\n
\t\u201cWe think politicians will remain enticed by the possibility that a new casino project can create economic investment, jobs and tax revenues for their local community,\u201d Credit Suisse gaming analyst Joel Simkins said.<\/p>\n
\tHorseshoe Baltimore has employed about 2,000 construction workers in the past year and is expected to hire 1,700 to 1,900 full- and part-time employees.<\/p>\n
\tThe casino will pay Maryland\u2019s 61 percent tax on gaming revenue from slot machines and a 20 percent tax on table game revenue. Baltimore will also excise an additional 3 percent tax on gaming revenue for leasing city-owned land.<\/p>\n
\tBut that\u2019s just part of the story.<\/p>\n
\tMaryland charges a 6 percent tax on restaurant meals and a 9 percent tax on alcohol sales.<\/p>\n
\tDominick Murray, secretary of Maryland\u2019s Business and Economic Development Department, said gaming is just part of the state\u2019s business expansion.<\/p>\n
\tTax dollars from casinos have been used to spur small-business development and improve communities, which has led to other industries, such as cybersecurity technology and bioresearch, moving to Maryland, Murray said.<\/p>\n
\tMaryland has six casino licenses. When MGM Resorts International opens a $1 billion hotel-casino development in National Harbor near Washington, D.C., in 2016, the state\u2019s gaming expansion will be complete.<\/p>\n
\tAnalysts said other states will follow, but they also won\u2019t be surprised if activity tails off.<\/p>\n
\t\u201cAs cities pursue urban renewal programs, downtown casinos could benefit from greater visitation in the future,\u201d Wells Fargo Securities gaming analyst Dennis Farrell Jr. said.<\/p>\n
\tBut except for Detroit, most urban casino developments have underperformed expectations.<\/p>\n
\tIn Baltimore, don\u2019t expect the Horseshoe to replace the famed Inner Harbor as the city\u2019s top tourist attraction.<\/p>\n
\tFarrell said gamblers seem to prefer suburban environments.<\/p>\n
\tMaryland Live!, the state\u2019s largest casino, has 4,300 slot machines, 177 table games and a 52-table poker room on a 250,000-square-foot floor. The property is adjacent to the Arundel Mills Mall in Anne Arundel County, 15 miles from downtown Baltimore.<\/p>\n
\tIn 2013, Maryland Live!, owned by the Cordish Cos., produced almost $600 million in gaming revenue. Through April, revenue is up almost 36 percent. Cordish President Joe Weinberg said the property contributes, on average, $1 million per day in tax revenue to the state.<\/p>\n
\tDespite the numbers, Simkins said the changing economic outlook could slow gaming expansion.<\/p>\n
\t\u201cWith the U.S. economy on firmer footing and potentially gaining momentum through the remainder of the decade,\u201d Simkins said. \u201cThe need for casinos as a means to stimulate revitalization could lose momentum in many untapped markets.\u201d<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
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