Cordish Receives Green Light For $150M Expansion Of Maryland Live! Casino from Anne Arundel Council
BALTIMORE, MD. Sept. 23, 2015 - Members of Anne Arundel County Council voted tonight to approve The Cordish Companies plans for a major $150 million plus expansion to Maryland Live! Casino, including the addition of an upscale hotel with approximately 300 suites, additional dining options, luxury amenities, and a conference center that would hold up to 4,000 people. Under the agreement, the proposed conference center would be available for use by the county, public schools, the community college, and non-profits free of charge. The expansion will create an additional 1,000 new permanent and construction jobs.
"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," said Joe Weinberg, Managing Partner, The Cordish Companies. "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."
The Anne Arundel County Council approval included a $22.5 million tax incremental financing bond to help construct infrastructure improvements for the hotel and conference center expansion at The Cordish Companies' Maryland Live! Casino. The County takes zero risk on the repayment of the bond, which will solely be repaid out of new revenues generated by the hotel and conference center. The Cordish Companies will be responsible for all of the in private financing in the $150 million plus expansion. The Company successfully delivered the first phase of the $550 million Maryland Live! Casino, which is the highest grossing casino in the State of Maryland.
Since opening, Maryland Live! Casino has generated more than $67 million in local impact grants to support Anne Arundel County services and local area improvements, including increased funding for the police and fire departments, improved transportation corridors, and enhancements to local communities. The Casino has also strongly supported local nonprofits and business organizations with both financial and in-kind contributions, and the operation provides millions in funds for business loans to small, minority, and women-owned businesses through the VOLT Loan Program administered by Anne Arundel Economic Development Corporation.
The expansion at Maryland Live! will allow it to maintain its market leadership in the face of new casinos entering the market; thereby generating increased revenues that will ultimately benefit Anne Arundel County. Maryland Live! Casino is one of the largest employers in Anne Arundel County with more than 3,000 team members.
About Cordish
The Cordish Companies' origins date back to 1910 and encompass four generations of privately-held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Real Estate Development, Gaming & Lodging and Entertainment Management. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located. Prime examples are The Cordish Companies' prominent role in the redevelopment of Baltimore's world famous Inner Harbor; Philadelphia, PA; Atlantic City, NJ; Charleston, SC; Houston, TX; Louisville, KY; Kansas City, MO and St. Louis, MO. In addition, The Cordish Companies has developed and operates multiple highly acclaimed entertainment destinations throughout the United States which welcome over 50 million visitors per year and are the most visited destinations in their respective regions. Over the generations, The Cordish Companies has remained true to the family's core values of quality, entrepreneurial spirit, long-term personal relationships and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. www.cordish.com
Contact:
Carmen E. Gonzales
[email protected]
(443) 842-1992
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