- Last Updated on Thursday, 22 March 2012 19:37
- Published on Thursday, 22 March 2012 19:37
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King George businessman Stan Palivoda and a group of investors who are looking to bring slot machines to the Riverboat in Colonial Beach saw their efforts take a large step forward today. Members of the Charles County delegation in the Maryland House of Delegates have introduced legislation that, if passed, will provide for a statewide referendum this year to amend the Maryland constitution to allow slot machines at the Riverboat.
If approved by voters, the Riverboat is expected to provide revenue of $95,818,250 by the year 2015. Since the gaming will take place in Maryland waters, Maryland will see approximately $46.5 million in tax revenue and Charles County, where the Riverboat is
considered to reside, will get approximately $5.5 million a year. While the local government will not get tax revenue, revenue from tourists, security, etc. will be a big boost to the local economy. The facility is expected to hire 1,200 employees.
The Riverboat will be expanded to accommodate the optimal slot machine count and remodeled to look and feel like a Las Vegas-style casino.
The town of Colonial Beach has a final draft of its Business District Restoration Plan which prompted Mayor Fred Rummage to say, “Having Maryland slots in Colonial Beach is just the catalyst we need to jump start our revitalization plan, and the timing couldn’t be more perfect!”
Colonial Beach had slots in the 1950’s when the Town was in the midst of a boom. Having slots again in 2014, when they are expected, would very possibly be a big boon to the Town and the region’s economy.
Palivoda was excited Wednesday when he heard that the legislation was introduced. He has told friends that he expects to move his paddleboat, the Vivian Hannah, to Colonial Beach in the near future as plans for the facility jell.