The owner of Maryland Live casino — the state's largest and one of the top moneymaking casinos on the East Coast — and Penn National Gaming Inc. jointly applied Monday for a license to develop a $750 million hotel and casino in the Hudson Valley region about 60 miles north of Manhattan.
The Cordish Cos., an affiliate of which owns Maryland Live at Arundel Mills in Hanover, and Penn National, a spinoff of which owns Hollywood Casino in Perryville, are in a 50-50 partnership to develop a project they're calling Live! Hotel & Casino New York in South Blooming Grove in New York's Orange County.
The Cordish-Penn National application is one of 17 that were received by Monday's deadline set by the New York State Gaming Commission — one on Friday and 16 that were dropped off Monday at the commission office in Schenectady, said an agency spokesman, Lee Park.
"We spent a good portion of the day loading in banker's boxes," Park said.
New York is offering four commercial casino licenses for three regions of upstate New York, he said. In the fall, the commission plans to award at least one license for each region and two in one of the areas.
He said nine applicants, including the Cordish-Penn National partnership, called OCCR Enterprises, LLC, have applied for locations in three counties in the Catskills-Hudson Valley area. Caesars Entertainment, the Las Vegas-based company leading the group that owns the Horseshoe Casino Baltimore, has also applied for that area.
The Cordish-Penn National venture would include more than 3,000 slot machines, 250 table games, a hotel with about 300 rooms and a spa and fitness center.
As part of their application, OCCR Enterprises included plans to grant $1.5 million a year to run a nonprofit organization devoted to local economic development. According to a statement from the two companies, the organization would work to "create long-term economic growth in the region" by fostering manufacturing, computer science and research businesses.
"No other applicant can match our comprehensive plan to maximize revenue and jobs in the state of New York," said David Cordish, chairman of the Baltimore-based Cordish Cos., in a prepared statement.
Park said that members of the commission staff had only begun to examine all the applications and could not say how the OCCR proposal compared to the others in scope.
These four would be the first commercial casinos in the state to offer both slot machines and live table games, Park said.
The state now allows slots and electronic games parlors at nine racetracks, including Resorts World at Aqueduct, the top-earning casino on the East Coast. Five Indian casinos in the state offer both slots and table games.
Maryland Live in Hanover was on track for about $650 million in revenue for the 12 months ending Monday, making it the top-earning commercial casino on the East Coast offering both slots and table games. It's one of four casinos in Maryland, with the fifth, Horseshoe Casino, expected to open on Aug. 26.Copyright © 2014, The Baltimore Sun