Rocky Gap Could Get Slot Machines

The state of Maryland is aware that Rocky Gap State Farm has been struggling with their finances for years and that the influx of slot machines could greatly benefit them. Therefore, they have approved them as a possible location for slot machines. They are one of five locations that the state is looking at putting slot machines in since the state’s residents approved their legalization on November 4th.

The Board of Public Works approved spending $8 million to change the financial agreement with the investors of the park, which will make it easier for them to bring in the slot machines. They also agreed to assist the Sports Legends Museum at Camden Yards in Baltimore, by giving them $440,000 in debt relief.

Both of the decisions were agreed upon 2-1, with Comptroller Peter Franchot the only one voting against. Franchot said that the state could not afford to bail anyone out at this time as the financial status of the state was not good. He also said that both ventures were not financially sound investments.

In the Rocky Gap deal the board approved the idea that the investors will get their money up front and this will extend the land lease from 2046 to 2065. They expect that with the slot machines coming in that they will be able to pay off the debts that they have incurred from the bonds that they floated to construct the park. The slot machines will let them pay off the debt and start to show a profit as well.

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