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MGM Resorts International Announces Intent to Develop a Resort Casino at National Harbor
6/15/2012
ANNAPOLIS, Md.—Peterson Companies and MGM Resorts International announced today that they have entered into an agreement for MGM Resorts to develop a resort casino at National Harbor.
Developed by Peterson Companies, National Harbor comprises 350 acres along the Potomac River in Prince George's County, MD. As the anchor of National Harbor, Gaylord Entertainment retains an economic interest along with Peterson Companies in the resort casino transaction.
"The opportunity to build a destination casino resort in the National Harbor complex was extremely compelling," stated James J. Murren, Chairman & Chief Executive Officer, MGM Resorts International, in an announcement. "We believe this ideal location will not only attract residents from Virginia and DC, but will also serve as a new amenity for the more than 40 million domestic and international visitors who travel to the Nation's Capital each year."
The resort casino is expected to include approximately 4,000 VLTs and 250 table games along with retail, restaurant & entertainment options, and a luxury hotel.
The agreement is contingent upon the Maryland Legislature passing legislation permitting a sixth casino license at National Harbor, a competitive tax rate that would allow for a world-class destination resort and approval of a state-wide referendum by Maryland voters.
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