Worldwide

Français

Maryland drives up incentives to find investor for proposed slots casinos

The July 20, 2023, By Harley Reid

A Commission in Maryland approved on Monday a proposal to build a casino at Rocky Gap Lodge & Golf Resort near Cumberland with a better deal, aiming to attract investors to a site that failed to get up and running before, because no qualified bidder was found.

Earlier this year, lawmakers passed legislation creating greater incentives for the (theoretical) bidder. For example, an investor aiming to take over the state subsidized lodge at the site, they would receive 35% of the profits from the casinos, rather than the standard 33% allowed at the other four locations. The developer would also be allowed to place 300 slot machines inside the lodge, temporarily, while the casino is being built.

Donald Fry, chairman of the states slot commission, said that it was hoped that the added incentives, coupled with an improved economic climate would entice investors to the western Maryland site.

"I think the economic times are much better than they were when we first issued the proposal back in December of 2008," Fry told reporters after the commission's meeting. Fry also said that a number of investors had already shown interest in the project, but declined to name names.

Proposals will be due back in 16 weeks, roughly around Nov. 9. Background applications and deposits will be required 45 days before that deadline to give state lottery officials an opportunity to begin background investigations on potential bidders.

 Follow us on Twitter

All the online casino news