FORT WASHINGTON, Md.--(BUSINESS WIRE)--Today in an appearance before the Maryland Video Lottery Facility Location Commission, Parx Casino Hotel & Spa, one of three applicants for the new Prince George’s County casino license, announced it would fully fund 100% of the upfront costs associated with the construction of grade separated interchanges at Old Fort and Livingston/Palmer Roads and MD 210 (Indian Head Highway).
These projects represent long desired infrastructure work that has already been designed and approved but, as of today, not funded. As a result of this funding commitment from Parx, preliminary work can now begin immediately.
In addition, the Parx offer adds substantial value to its package proposal as these projects will generate an additional estimated economic output of $300M to the state and Prince George’s County, an amount not included in the consultants’ reports.
“We have major concerns with the draft reports provided by the consultants. The market assessments, in particular, are fatally flawed and should not be relied upon as a basis for the license determination,” said Tony Ricci, CEO of Greenwood Racing, Inc. “There is no mention in the reports as to the tax rate and total revenue the state will receive, or the proposed license fee, which should be the driving factors in the final decision. We operate the most successful casino in Pennsylvania, and I am certain that if our location were moved 3-4 minutes, there would be no impact on our revenue,” says Ricci. “I am also sure that you would agree that if the Maryland Live Casino were moved 3-4 minutes, its business volumes would not be affected.”
Mr. Ricci further stated, “We are extremely confident that we will achieve the revenue projections in our proposal. If you compare our projections to those of MGM, then we would generate approximately $100 million per annum more tax revenue for the state, with $30 million attributable to the 5% differential in our proposed tax rates.”
About Greenwood Racing, Inc. and Parx Casino®
Parx Casino®, the largest and most impressive gaming complex in Pennsylvania, and Parx Racing®, a legendary thoroughbred racetrack, are owned and operated by Greenwood Racing, Inc. Conveniently located 20 minutes north of center city Philadelphia, I-95 exit 37 or PA Turnpike exit 351(westbound), exit 352 (eastbound) onto Street Road in Bensalem, Parx features 164,000 square feet of gaming; 3,350 slot machines; 120 table games; 61 poker tables; live racing & simulcast action; Parx Grill, an upscale signature restaurant; Foodies food court; Chickie’s & Pete’s crab house and sports bar; Earl of Sandwich®; SangKee Noodle Bar; 360 bar and live music venue; Jax sports bar; Finish Line bar and complimentary parking for over 5,000 cars. For more information on Parx visit www.parxcasino.com and www.parxracing.com.
