It's no secret that many American developers look favorably upon Chinese investors. Which is why it comes as no surprise that developers of a casino project in Maryland called 'Maryland Live' recently made a pitch to prospective EB-5 investors in Shanghai.
Eager to hear more about the chance to live the American dream, The Washington Post reports how a number of wealthy Chinese investors are currently contemplating investing close to $75 million in what will be one of the biggest casinos in the country, as well as the largest casino development Maryland has seen to date. In addition to 4,750 slot machines, the development will also include a live music venue and several restaurants.
According to the Post, the $440 million casino will break ground in Anne Arundel County under the management of Cordish Companies, a leading real estate company in Baltimore.
Regardless of the fact that Cordish told the Post it has no real need for immigrant investor financing, company officials have only positive things to say about EB-5, calling the program the most attractive way to pay for part of the project, in comments to the Post.
Despite all the excitement surrounding the new casino, Maryland's limited success at securing financing for its slot-machine gambling program that was started in 2008, has placed a somewhat dark cloud on the very idea of gambling. But Ning Shao, director of the Maryland Center for Foreign Investment, insists that casino gambling is a new industry that is very key to the state economy, especially in generating needed revenue to fund education in Maryland.
Shao and the Maryland Center reportedly hope to secure $100 million from foreign sources for Maryland Live, of which $75 million will come from Chinese investors.
-As of Nov,2011.