MGM National Harbor Momentum Continues to Build
Second report to Prince George’s County on Community Benefit Agreement
shows company continues to meet or exceed local and minority hiring targets
National Harbor, MD, August 4, 2015 – MGM National Harbor, LLC, a subsidiary of MGM Resorts International (NYSE: MGM), has released information from the construction project’s second quarter report to the Prince George’s County Community Benefits Agreement Oversight Committee formed to evaluate the company’s effort in meeting local and minority participation goals. For the second report in a row, the report shows that MGM National Harbor continues to meet or exceed local and minority hiring goals set forth in its agreement with the County.
The report, which is audited by a third-party before submission, shows the project maintains a 31 percent Minority Business Enterprise (MBE) participation rate, exceeding the CBA target goal of 30 percent. The project also achieved an impressive 32 percent of total Construction Labor hours performed by Prince George’s County residents, eclipsing the 20 percent target in the agreement. Figures reflect work performed on the project through June 2015.
“This second quarter report shows MGM’s continued momentum in working with local and minority businesses in Prince George’s County and the state of Maryland,” said Lorenzo Creighton, President and COO for MGM National Harbor. “We are rapidly approaching the hiring of the one-hundredth Minority Business Enterprise that will play a role in building this $1.3 billion resort. We are creating good-paying jobs for our community, and expanding opportunities for minority businesses. We are working hard to fulfill the commitments we made when we announced this project.”
The July 15th CBA report is the second report this year and provides a detailed analysis of the MGM National Harbor project and the company’s efforts toward awarding and paying contracts to local Prince George’s County businesses as well as minority-owned businesses.
Key findings from the CBA Report include:
- The National Harbor project continues to meet and exceed the goals for minority business participation established in the Community Benefit Agreement with Prince George’s County.
- Through June 2015 the project maintains a 31 percent Minority Business Enterprise (MBE) participation rate, exceeding the CBA target goal of 30 percent.
- 85 certified MBEs are engaged on the MGM National Harbor project.
- 19 in Architecture & Engineering phase, 66 in Construction & Development phase
- 32 percent of the total construction labor hours have been performed by Prince George’s County residents, which eclipses the CBA target of 20 percent.
- 14 percent Prince George’s County-based MBE participation, exceeding the CBA target goal of 12 percent.
- To date, more than $50 million has been paid to Certified MBE’s.
The CBA quarterly reports document MGM National Harbor’s efforts and achievements in meeting the business utilization and employment goals agreed to by MGM Resorts International with the county. Prior to submission to the Committee, MGM’s quarterly CBA report is certified by a third-party vendor approved by the CBA Compliance Committee and Prince George’s County.
David Harrington, President of the Prince George’s County Chamber of Commerce said, “This report drives home the fact that the MGM National Harbor project is a major economic driver for our local community. It’s good for business, and minority owned enterprises in particular. We are very pleased with the progress to date, and are excited with what is still to come for this world-class destination resort.”
Walt Townsend, President and CEO of the Baltimore-Washington Corridor Chamber of Commerce added, “While any company can make a financial investment in a project, it takes a considerably larger commitment to invest in the betterment of the community, as MGM has done by meeting or exceeding its goals for hiring local and minority businesses and local residents to build their new resort.”
Creighton added, “In the next year and a half, there will be many additional contract and career opportunities associated with our project. We are committed to not just creating jobs, but building meaningful careers. Our commitment is to make MGM National Harbor the shining example of a true community effort to build something great."
MGM National Harbor is a destination gaming resort project located in National Harbor, the 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. In December 2013, MGM National Harbor was awarded a license to operate the sixth casino in the State of Maryland. The $1.3 billion MGM National Harbor resort will include a 24-floor, 300-room luxury hotel, a dynamic casino featuring, slot machines, table games, and poker, a 3,000?seat theater, 18,000 square feet of high?end branded retail, 27,000 square-feet of meeting space, and restaurants from renowned local and national chefs.
About MGM National Harbor The newest addition to the MGM Resorts International (NYSE:MGM) portfolio, MGM National Harbor's unrivaled setting offers stunning panoramic views of the eastern shore of the Potomac River in Maryland. The $1.4 billion resort sits a short distance from Washington, D.C. to the north and historic sites, including George Washington's Mount Vernon estate across the river in Virginia. The 24-story, 308-room resort will feature premier amenities and experiences for locals as well as visitors from around the world including a dynamic casino with over 125,000 square feet of space that includes slots, table games and poker; a world-class spa and salon; an entertainment theater with flexible seating for up to 3,000; high-end branded retail; 50,000 square feet of meeting space; and restaurants from renowned local, national and international chefs. MGM National Harbor is scheduled to open December 8, 2016.
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 is in the process of developing MGM National Harbor in Maryland and MGM Springfield in Massachusetts. The Company also owns 51 percent of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is developing a gaming resort in Cotai, and 50 percent 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 within the meaning of the Private Securities Litigation Reform Act of 1995. MGM National Harbor has 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 timing and 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 and market conditions and competition with other destination travel locations throughout the United States and the world, and the design, timing and costs of the project and additional risks and uncertainties described in the MGM Resorts International Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, MGM National Harbor is not 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.