Baltimore developer The Cordish Co. is positioning itself to become an active player in the growing gambling business by taking on its first venture to build and manage a Las Vegas-style slot machine casino.
The developer, known for urban entertainment projects, has reached an agreement with the owner of Indiana Downs to develop and operate a $200 million casino at the horse racing track outside of Indianapolis.
The deal with the Oliver Family Trusts, the majority owner of the racetrack, marks the first time the developer of Power Plant and Power Plant Live at the Inner Harbor will run a gambling venue.
Cordish has developed successful hotel and casino projects in Tampa and Hollywood, Fla., for the Seminole Tribe of Florida. And the company now is vying to build a casino and hotel at the Kansas City Speedway in Kansas with partner International Speedway Corp., that track's owner.
Recently, rumors have swirled that Cordish wants to acquire one or more casino resort properties owned by Donald J. Trump's Trump Entertainment Resorts Inc. in Atlantic City, where Cordish already owns The Walk, a $110 million retail shopping project at the foot of the Atlantic City Expressway.
Cordish Co. officials have not responded to requests for comment about the Trump casinos.
But in disclosing the Indiana Downs deal, company vice president Jonathan Cordish said Cordish is eyeing opportunities in gaming.
"We have looked and are looking at opportunities all across the country," Cordish said. "We are committed to growing it."
Indiana Downs, which opened in December 2002 with harness and thoroughbred racing, plans a state-of-the-art, Las Vegas-style slots casino, with restaurants, bars and non-gaming entertainment. The 98,000-square-foot facility, to house 2,000 slot machines, is to open by the first quarter of 2009. A 10-year master plan calls for possibly more gaming, a hotel tower, parking and significant expansion of the shops and entertainment.
Ross Mangano, chairman of Indiana Downs LLC, said the track was approached by several big gaming operators to develop a casino but selected Cordish Co. after an extensive search.
"We expect to create the dominant casino project in the region," he said. "With the Cordish Co., we have the best developer in the country to create a premier entertainment destination unlike any gaming facility anywhere in the state."
