National Harbor, Md., (December 20, 2013) – MGM National Harbor, a subsidiary of MGM Resorts International (NYSE: MGM), was awarded today the license to operate the sixth casino in the State of Maryland. The Maryland Video Lottery Facility Location Commission’s (VLFLC) decision validates MGM’s vision as the clear choice to build and operate a world-class destination resort casino in Prince George’s County at National Harbor.
“This is a great day for Prince George’s County, the State of Maryland and MGM. We’re proud of what our talented team and our many dedicated community partners have accomplished together,” said Jim Murren, Chairman and CEO of MGM Resorts International. “This is an achievement the whole community can share. We look forward to continuing our work with the local residents and businesses of Prince George’s County as we move the project forward.”
Today's decision culminates a yearlong competitive bid process for Maryland's sixth gaming license. With today’s announcement, MGM bested two other bidders for the right to build a destination gaming resort in Prince George's County. The MGM site is located within the National Harbor mixed-use development on the banks of the Potomac River, just south of Washington, D.C., and across from Alexandria, Virginia.
MGM’s winning proposal is centered on a $925 million investment designed to respect the rich history and atmosphere of Prince George’s County while meeting the needs of the sophisticated Maryland marketplace. The dynamic mix of resort amenities and entertainment experiences includes a casino with 3,600 slots, 140 table games including poker; a 300?suite 4.5?star quality hotel with luxury spa and rooftop pool; high-end branded retail; fine and casual dining – from both local and celebrity chefs, including the Voltaggio Brothers, Gina and Pat Neely, and Andrew Carmellini; a dedicated 1,200-seat theater venue; 35,000 square feet of meeting and event space; and a 5,000-space parking structure.
Maryland and local Prince George’s County residents stand to experience tremendous economic benefit from the project. Commission consultants report that MGM National Harbor would generate more revenue, more tax dollars, and create more jobs than would the two other companies bidding for the same license. MGM National Harbor will create more than 4,000 direct permanent jobs in National Harbor.
MGM Resorts is also working with local minority investors at MGM National Harbor, like Radio One, a nationally recognized diversified media company that primarily targets African-American and urban consumers. Radio One, the largest minority investor in MGM National Harbor, is headquartered in Maryland and currently owns or operates 54 broadcast stations in 16 urban markets, making it one of the largest radio broadcasting companies in the country. In addition, the Company owns a controlling interest in TV One, LLC, a cable/satellite network programming primarily to African Americans.
MGM National Harbor President and COO, Lorenzo Creighton, said, “Today’s decision allows us to move forward in earnest with the plans we’ve built with this community. MGM is committed to ensuring that jobs stay within Prince George’s County and that the local workforce will be successful in their careers with MGM National Harbor. By utilizing our network of local employers and educational institutions, and by maintaining a strong relationship with our local workforce, we will deliver on our promise of economic development and growth in Prince George’s county and the broader region.”
MGM’s commitment to Prince George’s County, however, extends beyond job creation and economic development. Throughout the entire proposal process, MGM has placed an emphasis on partnering with the local community through the support of education, youth development, arts and culture, and diversity and community development programs throughout the County.
“Everywhere we operate, MGM is an active supporter of the community. Our employees are active volunteers in their communities year-round, contributing time and talent to the causes they care about the most,” said Mr. Creighton. “Building on the great partnerships we’ve already established here in Prince George’s County, MGM National Harbor’s commitment to the local community and its residents will remain strong for years to come.”
Mr. Murren attributed much of the credit for today's decision to the groundswell of support MGM has received since arriving in Maryland more than 18 months ago, stating, “Today’s announcement reaffirms what MGM and our community partners, local residents and businesses have believed from the very beginning of this process, that MGM Resorts is the clear choice to provide the greatest opportunity for Maryland and Prince George’s County.
“Today marks the end of the RFP process, but we view it as just the beginning of our work here in Maryland. We thank the Commission and the community for expressing confidence in our proposal and we look forward to breaking ground in the new year. This one-of-a-kind property will truly serve as an iconic gateway to Maryland.”
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 development of MGM National Harbor. 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 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.
For further information: Lynnette Johnson Williams, Edelman: O: (202) 326-1755; C: (202) 817-7701; Email: Lynnette.Williams@edelman.com or Gordon Absher, MGM Resorts International; Email: GAbsher@mgmresorts.com