The photon subtraction operation is an effective method to enhance an entanglement of the two-mode squeezed vacuum state. We show that it can be well approximated to the two-mode squeezed state with an enhanced squeezing although it is basically a mixed and non-Gaussian state. Such property can be directly observed by the current technology. We also study the continuous variable quantum dense coding with the photon subtracted two-mode squeezed state. It is shown that, in particular squeezing region, its error probability performance can be greatly improved from the original two-mode squeezed state. Since quantum dense coding is the protocol to transmit classical information, our analysis provides an alternative operational meaning of the entanglement involved in the on-off photon subtracted state, compared to the previous results, such as teleportation or the nonlocality, that could help to quantify the entanglement of mixed and non-Gaussian states.