Real Estate for Slot Machines

It is the same everywhere, once a piece of real estate becomes popular, or looks like it might be worth more than it once was – people start vying to purchase it so that they can make the bucks before anyone else can. Maryland is no different in this regard, as now that they are eyeing slot machines; they are starting to look a whole lot better to investors.

The state is considering adding slot machines to their repertoire, and one location in particular is looking especially good to two casino operators. If a particular referendum is approved by voters in November, Rocky Gap Lodge in western Maryland could have casinos vying for the right to bring in slot machines.

Currently, the Maryland Economic Development Corp. owns the property, but they would likely be looking to sell for the right price to one of the casinos. The hotel is located in Rocky Gap State Park, and is a ten year old lodge with an 18-hold Jack Nicklaus Signature Golf Course.

MEDCO purchased the property for more than $28 million, which is a state agency. That is the amount they owe their private investors. MEDCO said that they have spoken with two casinos that are looking to take over the hotel, the slot machines; basically every aspect of it so that it is all handled under one roof.

They said that they are sure that there will be even more interest if the slots referendum passes in November. Their Executive Director Robert C. Brennan said that there haven’t been any serious offers yet, but that will change if the referendum passes.

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