The casino industry in the United States has been sluggish for the last 18 months but that has not stopped companies from wanting to set up new casino properties or expand existing ones in the face of new business. There are a number of new casinos that are expected to be constructed in the next couple of years in Maryland. The popular Maryland Live! Casino is expecting those new casinos to provide it with competition in the coming years and has decided to take steps immediately to prepare for its competition.
The Cordish Companies, owners of the Maryland Live! Casino wants to expand the casino’s facilities and invest over $150 million into the new project. Cordish Companies had earlier submitted a proposal to the Anne Arundel County Council outlining their plan for the new expansion which includes opening out a brand new hotel that will have 300 suites, a conference center that could seat up to 4,000 people and extra dining options featuring upscale restaurants.
The Anne Arundel County Council reviewed the proposal and was happy with the $150 million investment which will bring a number of benefits to the local community. The proposal was approved on the 21st of September and comes with a $22.5 million tax incremental financing (TIF) bond that will be used for infrastructure development located near the casino. The new project is also expected to create over 1,000 part time and full time jobs.
The agreement also allows the casino to repay the bond only from the revenue it generates from its new hotel and conference center. The conference center will be made available to the Anne Arundel Community College, public schools, NGOs and the county free of charge.
In a statement, Joe Weinberg, Managing Partner, The Cordish Companies said in a press release, “We extend our thanks to County Executive Schuh, Councilman Pete Smith, and all members of County Council for their thoughtful consideration and support of this important economic development initiative. As a locally owned business, The Cordish Companies remains committed to Anne Arundel County, and we are committed to the growth and expansion of Maryland Live! Casino and maintaining our position as the premier gaming and entertainment destination in the State.”
Cordish companies will be responsible for generating the $150 million required for the completion of the project and is expected to release a project schedule including a completion date in the coming weeks. Maryland Live Casino is currently hosting the World Poker Tour between the 23rd to the 25th of September.