Tag: Ocean Downs Casino

Maryland uses creative financing to buy $41M in slot machines

The state of Maryland is on its way to becoming the proud owner of $41.5 million worth of video slot machines for the Ocean Downs and Perryville slots casinos through the sale last week of taxable certificate of participation bonds.

The bonds sold quickly last week at a coupon rate of 5%, raising the funds the state needs to purchase 1,825 of the slots at the two casinos, said Patti Konrad, director of debt management in the State Treasurer’s Office, and Deputy Treasurer for External Affairs Howard Freedlander.

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Board postpones approving financial services contract with only one bidder

The Board of Public Works on Wednesday deferred a $2.5 million contract to give advice on housing agency bonds because there was just one bidder, but — despite objections from Comptroller Peter Franchot — approved $32 million for video lottery terminals at the Ocean Downs Casino.

Franchot, as usual, was the principal naysayer on the most controversial items for the board, which must approve state contracts over $25,000. The board is made up of Franchot, Gov. Martin O’Malley, and Treasurer Nancy Kopp.

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