Press release from PR Newswire
MGM National Harbor Files Proposal with State of Maryland
Thursday, May 09, 2013
MGM National Harbor Files Proposal with State of Maryland12:47 EDT Thursday, May 09, 2013
Application for Prince George's County License and Destination Resort at National Harbor Delivered to Maryland Video Lottery Facility Location Commission
NATIONAL HARBOR, Md., May 9, 2013 /PRNewswire/ -- MGM National Harbor, a subsidiary of MGM Resorts International (NYSE: MGM), today filed a proposal for a license from the State of Maryland Video Lottery Facility Location Commission to develop a world-class destination resort in Prince George's County.
The proposed MGM site would be constructed on more than 20 acres of land at National Harbor, the beautiful waterfront development on the shores of the Potomac River in Prince George's County, just south of Washington, D.C., near the Woodrow Wilson Bridge.
At an event prior to filing the proposal, Lorenzo Creighton, President and Chief Operating Officer of MGM National Harbor, emphasized MGM's commitment and desire to partner with Prince George's County and the State of Maryland.
"We have said all along, our company will work tirelessly to earn the privilege to operate this license. We will earn it based on our company's experience and expertise. We are confident our proposal demonstrates we are the clear choice to bring a world-class destination resort to National Harbor.
"Our proposal incorporates feedback we received from the community of which we hope to soon become a part. We will also make good on promises we've made to create thousands of new local jobs, provide enormous economic benefits to the region, and maintain our proven commitment to corporate social responsibility," Mr. Creighton said.
MGM executives project that the proposed MGM Destination Resort at National Harbor would create thousands of construction and permanent jobs. Many of these jobs will be filled by Maryland residents, creating career opportunities, especially for those living in Prince George's County.
Mr. Creighton added, "Supplier diversity is an integral part of the MGM Resorts corporate culture and a vital element of our success. As a Maryland license operator, we would embrace inclusive business practices in all areas, including contracting, procurement, employment and ownership. Our company realizes that both Prince George's County and Maryland are rich with capable minority business enterprises already possessing the capacity to significantly contribute to our project. We commit to working not only with these established businesses, but also to encourage the development of others seeking to increase their capacity or earn MBE certification."
Jim Murren, Chairman and CEO of MGM Resorts International, stated, "I have been personally involved in our efforts in Maryland since the beginning. I am particularly proud of what we have submitted for the Commission's consideration. We have called upon our company's years of worldwide resort experience to design a fully-appointed destination resort that specifically respects the atmosphere of Prince George's County and meets the needs of the Maryland marketplace.
"An MGM property at National Harbor would be designed and operated at the same level of quality as our other iconic hotels, including Bellagio, MGM Grand, Mandalay Bay, ARIA and The Mirage."
The design and amenities of MGM National Harbor have been shaped to reflect the history and geography of the area, complementing the already successful development and increasing its allure to out-of-state visitors. Like all of our company's resorts, we will embrace luxury retail, world-class entertainment, fine dining and fun, casual eateries from the world's greatest chefs.
Submittal of the proposal is the first step in Maryland's application and licensing process. Based on the schedule outlined by the Location Commission, the next step will be for MGM to be called to make an oral presentation about the company's proposed facility to the Commission sometime later this summer.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a portfolio of 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 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 ability of MGM Resorts International and MGM National Harbor to develop a casino in 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 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.
SOURCE MGM Resorts International
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