Cordish Cos. Planning To Contend For Slots License
Posted on September 19, 2008 - Filed Under Casino Articles, Casino games, Casino tournaments, Gambling News
Cordish Cos. based in Baltimore has every chance to contend for a slot licensing in Maryland. This company has carried out several casino projects in Florida earlier. Their success depends on the voter’s approval of a referendum in November that will legalize the gambling machines.
This plan of the Cordish Cos. is expected to make a few of the slot parlors a center of major entertainment complexes. It also escalates the level of competition among the five other licenses in Maryland.
The voters have to decide in the month of November of whether to make an amendment of the Maryland Constitution to have 15,000 slot machines across the state’s five locations.
Other than the Magna Entertainment Corp, which happens to be a racetrack owner, Cordish Cos. is the first developer of gambling who showed their interest in the biggest slots license that is meant for Anne Arundel County.
The legislation that has been passed by the General Assembly in 2007 says that the slots facility that can accommodate about 4,750 gambling machines can be also constructed closely to the Arundel Mills mall.
Cordish might have to contend with Penn National Gaming Inc. in the Cecil County for the slots license. This news has already created a great buzz among the casino lovers. Even if Cordish makes a bid on a number of licenses at a time, it would be entitled to only one.
The slot licenses are going to be accorded by a commission comprising of seven members. These members will be chosen by the governor together with the leaders of the House of Delegates and state Senate.
An amount of about $25 million will have to be invested by the applicants for licenses for meeting the cost for every 500 batch of slot machines they think to run. It is being hoped by the democratic leaders of Annapolis that tax revenue on slots is going to block the increasing hollow in the state budget.
However, Fath says that if the present trouble in credit goes on, then it will bring down the ebullience among the gambling operators. These companies will then be needed to invest hugely to get the licenses for slots.
