Cordish Cos. plans to start construction on a $200 million expansion of its Maryland Live Casino in Hanover this fall.
The plans call for a 17-story hotel tower that will be the largest in Anne Arundel County. Live Hotel will provide 310 rooms, an event center and day spa/salon.
Baltimore-based Cordish hopes to break ground on the project this fall and complete construction by the final quarter of 2017.
There are two types of customer Cordish expects to be the majority of its visitors. The first, according to Robert J. Norton, president of Cordish Global Gaming Group, are regular local customers who want a hotel connected to the casino so they can enjoy the entertainment later at night. The hotel will also allow Maryland Live Casino to compete with places such as Atlantic City, Las Vegas and Gulf Coast for destination travelers from outside the immediate area.
“These are typical entertainment travelers who are looking for casino entertainment options and puts us on the map with them,” Norton said.
Cordish’s market research found that despite the casino’s proximity to Baltimore Washington International Thurgood Marshall Airport there still aren’t enough hotel rooms for the casino’s needs.
The new development, which would also add 350,000 square feet to the state’s largest gaming facility, is expected to create 400 new jobs and 550 construction jobs, according to the company. The casino is already one of the state’s largest employers, providing jobs for about 3,000 workers.
“We’re probably one of the largest employers in Anne Arundel County already, and we employ more than half our employee base from the immediate local Anne Arnundel County area,” Norton said.
Last year the gaming facility generated more than $629 million in revenues. The casino draws more than 10 million visitors a year and produces more than $1 million per day in taxes for the state, the company said.
Infrastructure improvements needed to support the development of the hotel are being paid through public financing. Anne Arundel County previously approved $22.5 million in tax increment financing for the project.
Tax increment financing requires the county to issue bonds to cover the cost of the infrastructure improvements. If the development tool works properly, the increase in property taxes associated with the development repay the debt issued.
“It’s going to help attract visitors to Maryland Live from throughout the country and the world, and in addition we’re going to have a great venue for high school graduations,” said Owen McEvoy, a spokesman for Anne Arundel County Executive Steve Schuh.