HANOVER, Md.
Members of Anne Arundel County Council voted 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.
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 Cordish Companies says that the $150 million expansion of Maryland Live! will allow the casino to maintain its market leadership in the face of new casinos entering the market. Maryland Live! Casino is one of the largest employers in Anne Arundel County with more than 3,000 team members.
