NATIONAL HARBOR, Md., April 21,
2015 /PRNewswire/ -- MGM National Harbor, LLC, a
subsidiary of MGM Resorts International (NYSE: MGM), has released
information from the construction project's first quarterly 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. The report
documents MGM National Harbor's efforts and achievements in 2014
toward meeting business utilization and employment goals agreed to
by MGM Resorts International with the county.
"Our first report demonstrates our commitment and shows we are
off to a fast start and well on our way to achieving the CBA
goals," said Lorenzo Creighton,
President and COO for MGM National Harbor. "Of the more than
$64.5 million spent on construction
in 2014, more than $20 million - 31%
- was spent on minority-owned businesses against an overall project
goal of 30%. Having met and exceeded that goal in 2014 means
good-paying jobs for our community, and it reflects early momentum
and meaningful progress toward our commitment to Prince George's County, and the region."
The CBA report is the first and most detailed analysis of the
MGM National Harbor project and represents 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:
- 31% of Minority Business Enterprise participation, exceeding
the goal of 30%.
- Exceeding the goal of 12%, there is 16% participation of County
Based Minority Business Enterprises.
- Of the more than 96,000 total labor hours on the project, 19%
(more than 18,000 hours) were performed by Prince George's County residents, nearly
meeting the CBA 20% goal for local resident construction
employment.
- In efforts to include local and minority businesses in the bid
process, 725 individuals and 751 companies have been contacted
through contract outreach events hosted by MGM National
Harbor.
Figures reported are for construction work performed through
December 31, 2014 and represent about
8% of total construction.
Bob Ross, President of the
Prince George's County Branch of
the NAACP said, "This report reinforces what we hoped MGM Resorts
would bring to our community – jobs and opportunities for
minority-owned businesses. These numbers are quite impressive
considering the project has really just started. They represent a
very strong beginning."
Creighton added, "We recently announced our construction
workforce is 1,000 members strong. As we continue, there will be
many more contract and career opportunities for Minority Business
Enterprises and Prince George's
County residents. We are committed and on pace to meet our
project goals as we build a world-class destination resort of which
Prince George's County will be
proud."
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
$1.2 billion MGM National Harbor
resort will include a 23-floor, 300- room luxury hotel, a casino
featuring 3,600 slots and 160 table games (including poker), a
3,000seat theater, 27,000 square feet of highend branded retail,
27,000 square feet of meeting space, 4,800 parking spaces, and
restaurants from renowned local and national chefs.
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.
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visit:http://www.prnewswire.com/news-releases/first-quarterly-report-to-prince-georges-county-shows-mgm-national-harbor-exceeding-goal-for-minority-business-participation-set-in-community-benefits-agreement-300069624.html
SOURCE MGM Resorts International