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MGM RESORTS INTERNATIONAL

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MGM Resorts International : MGM National Harbor Wins License to Operate Destination Resort Casino in Prince George’s County

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12/20/2013 | 02:57pm EDT
Maryland Video Lottery Facility Location Commission decision affirms full support for MGM's $925 million investment in Prince George's County, commitment to community partnerships, local economic development

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

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Financials ($)
Sales 2019 12 937 M
EBIT 2019 1 881 M
Net income 2019 694 M
Debt 2019 13 077 M
Yield 2019 1,88%
P/E ratio 2019 21,33
P/E ratio 2020 15,54
EV / Sales 2019 2,13x
EV / Sales 2020 2,01x
Capitalization 14 443 M
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Number of Analysts 18
Average target price 33,9 $
Spread / Average Target 26%
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Managers
NameTitle
James Joseph Murren Chairman & Chief Executive Officer
William Joseph Hornbuckle President
Corey I. Sanders Chief Operating Officer
Daniel J. D'Arrigo Chief Financial Officer & Executive Vice President
Roland A. Hernandez Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
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TABCORP HOLDINGS LIMITED9.09%6 715
SJM HOLDINGS LIMITED23.91%6 546