Developers have outlined plans to build a $212 million casino in Baltimore City.
The proposed site is just off Russell Street, south of M & T Bank Stadium. It used to house the Maryland Chemical Company.

Michael Moldenhauer is a real estate developer from Toronto, who formed the Baltimore City Entertainment group to bid for the city’s casino location. He’s hoping to build ‘The Celebration Casino’ – which would hold 3750 slot machines. Outside the building there would be a shopping promenade and a new parking garage.

‘It’s truly going to be an opportunity as a south entrance feature if you will into the city, and benefit from all the traffic that’s coming off of 95 and 295,’ Moldenhauer told ABC-2 News.

The state has set up a ‘Video Lottery Facility Location Commission’ to determine which development groups will get licenses, and whether any will not. The chairman of that commission, Donald Fry, said even though Moldenhauer’s bid is the only one for the Baltimore location: ‘Just because there’s one proposal that does not mean that it’s definitely going to be approved.’

The commission plans to award slots licenses this fall; if they’re application is approved the developers of the Baltimore casino could begin construction next year, and open early in 2011.

So far, the developers have only applied for a license to operate 500 slot machines. But the Russell Street site is much larger and more visible; they must submit a revised bid and an additional $19.5 million to continue the process.

Of the $500 million developers believe the facility will clear in its first year, $330 million would go to the state in gaming taxes, and $15 million would go to the city, where Mayor Sheila Dixon hopes to lower property taxes. ‘We think it will be a very highly profitable venture for all of the stakeholders,’ Moldenhauer said.