Friday, December 05, 2008

Cordish Drops Casino Plan in Kansas

When times get tough, Cordish bails out. Louisville's Business First has an article today stating as much. An excerpt:

Citing the struggling economy, the developer of the Hard Rock Casino & Hotel at Kansas Speedway withdrew its application for the project because it needs the option to phase in construction of the hotel, convention facilities and other parts of the project.

Kansas Entertainment LLC, a joint venture joint venture between Kansas Speedway Development Corp. and The Cordish Co., said in a release Friday that when the state reopens bidding, it intends to reapply to build the $400 million Hard Rock-branded casino.

Baltimore-based Cordish, which also developed Louisville's Fourth Street Live, requested a refund of the $25 million privilege fee it paid last year, and the Kansas Lottery is processing the refund, the state of Kansas said in a news release.

Read entire article HERE.

Cordish also wants to wait and see if Kansas Speedway gets a second Sprint Cup race and construction begins on a road course at the speedway.

It has been my opinion that Cordish will wait on a casino gambling referendum in Kentucky before constructing anything at Center City. These guys are good at stalling projects and getting local money with no guarantees.

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