The Cordish Companies’ gaming division, Cordish Gaming Group, made an important announcement. The company said that it is sharing ownership of its mobile sports betting license in the state of Maryland with its valued employees.
Cordish Gaming Shares Ownership with Workers
Basically, Cordish Gaming, which is the operator of Live! Casino & Hotel Maryland, allowed workers to purchase shares equivalent of up to 10% of the Maryland license. This move precedes the company’s launch in the Free State.
As of the time of this writing, 90 Cordish workers across the company’s casinos opted to purchase company shares. The Cordish Companies reported that more than half of those people are women or representatives of minority groups.
Cordish Gaming operates three of Live! Casino & Hotel properties – one in Maryland, one in Pittsburgh and one in Philadelphia. The gaming division hopes that the new ownership structure will have a positive impact on its business and its diverse team members. Cordish Gaming emphasized its desire to support its workers who have shown their loyalty to the company.
Furthermore, the move is in line with the Maryland Sports Wagering Application Review Commission’s requirements which state that 5% of applicant ownership have a personal net worth commiserate with the working families of the state. By allowing its members to possess shares, Cordish Gaming fulfills this requirement while doubling down on its people-first culture instead of searching for outside investors.
Norton Thanked Everyone Who Supported the Company
Rob Norton, the president of Cordish Gaming Group, noted that Cordish Gaming desires to continue being a “family-oriented and privately held company.” Its decision to share ownership with its employees, Norton said, is the operator’s creative way of rewarding its loyal team members.
He said that as soon as Maryland required the company to share 5% ownership with families in the Free State, Cordish Gaming knew this was the right approach.
When we evaluated how we should meet the state’s requirements for ownership of this license, there was no question that this was the right path forward.
Rob Norton, president, Cordish Gaming Group
Norton thanked all of the company’s team members for being a part of the Maryland venture. He concluded that this unique approach will help the company remain compliant with the rules set by the Maryland Sports Wagering Application Review Commission while ensuring diverse, equitable and inclusive ownership participation.
In October, the Cordish Companies was selected to develop a new casino resort in Petersburg. The city council picked the Cordish Companies because of its impressive track record and extensive experience in gaming.