Delaware Development Associates has its eyes on an old bank in the heart of downtown Wilmington.
They are pitching the notion of turning the vacant structure into "The Bank," a members-only gambling club, which would be the first in the First State, to General Assembly.
The investors say they are ready to give $20-million to see this come to fruition. As for the club itself, an annual membership fee would run between $10,000 and $20,000 and membership would be capped below 5,000.
"It's really just table games, it's really catering to a very different cliental that otherwise wouldn't come to Delaware," Karle Agne of Delaware Development Associates said.
Members would be able to take part in table games and sports betting, but slot machines are not allowed; "The Bank" is described as being a place for high rollers - a setting where the elite meet.
"From New York to the Washington suburbs is the greatest concentration of wealth in this country. Delaware is right in the middle of that. We're right on the Acela line, we're easily accessible from all these locations. It's really bringing these folks together in a place where they can be comfortable," Agne said.
State Representative (D) John Viola of Newark is a backer of the plan. He says it represents a win-win proposition for the city and the state.
"It would generate revenue for the state, a million dollars limited license fee to start with, [and] about $2-million a year in corporate taxes," Representative Viola said.
Viola leads a house faction that opposes other pushes to create new gambling venues in Delaware. One of those prospects calls for full-fledged casinos in both Wilmington and Sussex County.
All the bids are on the table as the legislature heads into a critical decision making period. One sure bet in all of this is, come spring, there will be some big winners and big losers in this high stake game.
