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Baltimore slots group courting York Capital

Slots

York Capital Management is the mystery investor whom the developers of Maryland's second-largest proposed slots casino has told the state it is courting, according to a source familiar with the negotiations.

Last week, the Baltimore City Entertaiment Group, which is seeking to build a 3,750-machine casino in downtown Baltimore, told a state commission that it needed more time to complete "advanced negotiations" with an additional investor. The investor was identified in a letter but not publicly disclosed.

The state commission, which has grown frustrated with the developers, has scheduled a meeting Thursday to discuss the status of the project, which is the only pending bid for a slots license in Baltimore.

In February, the group submitted an application for a 500-machine facility near the football stadium where the NFL's Ravens play.

The group touted plans during the summer to build a 3,750-machine casino at a location a couple of blocks away from the original site. But those plans have never been submitted to the state, nor has an additional $19.5 million licensing fee. The fee is based on the number of machines that are proposed.

According to its Web site, York Capital Management "was founded in 1991 with a simple goal: to provide consistent, superior risk-adjusted investment returns relatively independent of the overall market."

The investment group has offices in Washington and New York, among other locations.

By John Wagner  |  December 14, 2009; 7:47 PM ET
Categories:  John Wagner , Slots  
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