They struck out in Boxborough, but The Cordish Companies pledge to remain in the contest for development rights to Massachusetts’s single slot parlor, a company executive said today.

Cordish had proposed renovating a Holiday Inn off Interstate 495 in tiny Boxborough into a $200 million boutique hotel and slot complex.

But town selectmen on Monday squashed the plan, voting 4-1 against entering into negotiations with Cordish, which leaves the company only one realistic option — moving on to another community.

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“We have other options we have been exploring and will continue to compete vigorously for the [slot parlor] license,” said Joe Weinberg , Cordish managing partner, in an email Monday.

Cordish is one of four companies seeking the state’s sole slot parlor license. The others projects are proposed in Plainville, Raynham, and Worcester.