Casino owners are betting that thereís a market for more gambling in Mountlake Terrace.
A new banner has been placed over the Silver Dollar Casino sign on 220th Street Southwest in anticipation of the Mountlake Terrace mini-casino reopening soon as the Palace Casino. ďWeíre still waiting on getting some things lined up,Ē said Cathy Lewis, Director of Marketing for the Michels Development, new owners of the casino. They hope to have the doors open to the remodeled facility by the end of the year, Lewis said.
Michels Development LLC acquired the Silver Dollar Casino, 7055-220th St. SW, in 2011 and is currently remodeling the interior and completing all the necessary permits for operation.
Once opened, the Palace Casino will be the third card room operating within a few blocks in Mountlake Terrace. The Red Dragon Casino sits at the corner of 220th Street Southwest and Highway 99, while the Crazy Moose is located just a few blocks away at 22003-66th Ave. W.
ďThere is some saturation in the market,Ē admitted Director of Marketing Steve Rinalbi for Washington Gold Casinos, owners of the Red Dragon and the Crazy Moose. Washington Gold had an opportunity to purchase the Silver Dollar Casino but passed, Rinalbi added.
While gambling executives may worry about pulling in their share of business, City of Mountlake Terrace officials are pleased that another casino is opening in the city. Tax revenue from Mountlake Terraceís two current casinos bring in about $1.2 million to the cityís general fund annually.
ďWeíre excited when any business opens in the city,Ē added Mountlake Terrace City Manager John Caulfield.