The Cordish Co.?s recent ventures into slots and casinos, including a new project outside Indianapolis, and its long history with urban entertainment venues have the company poised to burst into a possible Maryland gambling market, industry analysts said.
“He [company President David Cordish] is one of Maryland?s premier developers, and he?s clearly positioned himself very well by doing all these other projects,” said Richard Clinch, a University of Baltimore economist who has examined the possible economic impact of a casino development on the Cecil County economy.
“Cordish is in a good position as a developer with ties to the gaming industry and a long history of successful development,” Clinch said. “Cordish is in a very good position to develop something, but what he develops will be dictated to him by Annapolis.”
Company Vice President Jonathan Cordish said in an e-mail to The Examiner that the company has partnered with the majority owners of Indiana Downs, outside Indianapolis, to build a $200 million, 200,000-square-foot slot-machine casino at the track.
Rumors two weeks ago had Cordish buying out Donald Trump?s Atlantic City casinos, but the company has repeatedly refused to comment on the reports.
The company also developed a hotel and casino projects in Florida and has proposed one for Kansas City, Kan., in addition to projects nationwide including Power Plant Live in Baltimore and the Fourth Street Live entertainment district in Louisville, Ky.
“I?d say the fact that they?ve been active in these similar localities gives them an excellent position,” said Jeff Hooke, a Maryland-based investment banker, who evaluated Gov. Robert Ehrlich?s gaming proposal. “They?re just giving themselves the kind of background the state would look for in a potential bidder. They pretty much have the whole package, slots, table games, entertainment, shopping.”
Clinch and Hooke both noted that Magna Entertainment Corp. now fully owns the Laurel and Pimlico tracks, in addition to casino operations in other states. If The Cordish Co. is unable to cut a deal with Magna, it will have to focus on licenses for remote, off-track slot operations or attempt to build a full casino, depending on what state lawmakers allow.
Clinch said he believes Annapolis lawmakers will eventually approve gaming, and that Cordish and his company are playing an active role in the debate.
“I doubt he?s waiting and seeing, I think he?s probably in Annapolis ? lobbying,” Clinch said. “He?s trying to shape this.”
Recent, upcoming projects by Cordish Co.
» Indiana Downs, Indianapolis, Ind.: Slot-machine casino
» Busch Stadium, St. Louis, Mo.: Ballpark Village, mixed-use venue near Cardinals? ballpark
» Daytona International Speedway, Daytona Beach, Fla.: Daytona Live!, a shopping, residential, hotel and office complex near the race track.
» Lexington, Ky.: Fourth Street Live
» Hollywood, Fla.: Seminole Hard Rock Casino, 130,000-square-foot casino run by the Seminole Tribe, and hotel.
