MGM National Harbor Teams Up With Radio One, Announces Minority Investment Program
Maryland-based media company to become important stakeholder in proposed resort
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National Harbor, MD, October 25, 2013 – MGM National Harbor recognizes and appreciates the
diversity found in Maryland and Prince George’s County. If selected to operate the state’s newest
gaming license, MGM would continue its tradition of embracing the rich blend of cultural heritage
found in the communities where MGM Resorts operates.
MGM National Harbor is excited to announce it has executed a letter of intent with Maryland-based
Radio One, Inc. Radio One, a nationally recognized diversified media company primarily targeted
toward African-American and urban consumers, has agreed to invest up to $40 million and become an
important stakeholder in MGM National Harbor.
Radio One currently owns or operates 54 broadcast stations in 16 urban markets, making it one of the
largest radio broadcasting companies in the country and owns a majority interest in TV One, an African
American targeted cable network available in 58 million homes.
“Radio One is a great partner for us, because they have the capability to add a diverse perspective to
our management of the project, help us communicate our vision to the community and give us the
ability to build brand awareness in the important urban markets where they have a presence,” said Jim
Murren, Chairman and Chief Executive Officer of MGM Resorts International.
Mr. Murren added that MGM National Harbor would embrace the equality and diversity that has
consistently proven to add value and dynamics to the company’s high performance teams.
Lorenzo Creighton, President and Chief Operating Officer of MGM National Harbor said, “We look forward to working with Cathy Hughes, chairperson and founder of Radio One. She knows this
community and she represents a true success story.”
Ms. Hughes founded Radio One in 1980 with the purchase of a single Washington, D.C. radio station.
Together with her son, Alfred Liggins, President and CEO of Radio One, Ms. Hughes has more than 45
years of operating experience in radio broadcasting.
“Together, through their successful strategy of acquiring underperforming radio stations and turning
them into broadcast powerhouses, they have transformed one radio station into a national broadcast
operation as well as building one of the fastest growing, most successful cable TV networks in the last
decade. That’s the kind of local partner we want,” Mr. Creighton said.
If awarded the license in Prince George’s County, MGM National Harbor will also seek additional
minority investment through an independently-administered program. MGM has engaged two
accomplished investment banking firms, Morgan Stanley and Stifel Nicholas, to assist in the structuring
of the program and to help identify qualified investors.
“We believe this investment program will provide a significant opportunity for Prince George’s County
residents and business owners to invest in MGM National Harbor, a project we believe will be a
wonderful economic engine for the County and the State,” said Mr. Creighton.
Inclusion is a key priority for MGM National Harbor and MGM Resorts. MGM Resorts is proud to have
earned a spot in Fortune Magazine’s “50 Best Company for Minorities” Index. In 2001, MGM Resorts
International launched the gaming industry's first voluntary diversity and inclusion initiative, and,
continuing in that tradition, the company has an entire team dedicated to identifying and working with
minority- and women-owned businesses in Prince George’s County.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
Statements in this release that are not historical facts are forward-looking statements involving risks and/or uncertainties, including those described in the MGM Resorts International’s public filings with the Securities and Exchange Commission. MGM Resorts International and MGM National Harbor have based forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the investment by Radio One. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which MGM Resorts International and MGM National Harbor operate and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in MGM Resorts International’s Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, neither MGM Resorts International nor MGM National Harbor is undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law.
Lynnette Johnson Williams, Edelman
O: (202) 326-1755; C: (202) 817-7701
Gordon Absher, MGM Resorts International