Greenwood Racing Inc., one of three firms vying to build a casino in Prince George’s County, has paid $1.2 million for the site of its planned casino-resort in Fort Washington while it awaits a ruling by Maryland casino regulators.
An affiliate of Greenwood, which owns the Parx Casino outside of Philadelphia, bought the roughly 22-acre site at 7707 Kaydot Road May 31 from a collection of individual property owners, according to Maryland land records. The sale to Maryland Casino LLC was recorded June 11 with the Circuit Court for Prince George’s County.
The sale price is a pittance compared to the $28.5 million in licensing fees Greenwood submitted to the Maryland Video Lottery Terminal Location Commission earlier this year but appears to be a vote of confidence in its bid for the right to hold Prince George’s only casino license. It has proposed to develop a Parx Casino Hotel & Spa at the site with 4,750 slot machines and 170 table games.
It’s competing with two other hopeful casino developers at National Harbor and Rosecroft Raceway. State regulators hoped to make a decision by the end of the year, in time for an opening two years from now.Read the full story from the Washington Business Journal.