MGM Resorts revealed in a recent filing that MGM National Harbor LLC secured $525 million funding for the development of the MGM National Harbor gaming facility in Maryland. The project, located near the Potomac River not too far away from Washington D.C., should be completed by the end of the year.
MGM’s $1.3 billion complex should include a hotel with more than 300 guest rooms and a casino. Its construction started back in September 2014, and recently, the 24-story hotel tower was topped-off. Therefore, the funding comprised of $100 million revolving facility and a $425 million term loan is seen as a good sign for the development of National Harbor.
MGM Resorts International Executive Vice President, Chief Financial Officer and Treasurer, Dan D’Arrigo, said in a statement that the company appreciated the support from lenders in the development of their project. He pointed out that the transaction was “an important part of the resort’s construction progress” and revealed that the luxury destination would open its doors to visitors “later this year.”
MGM National Harbor is expected to feature around 4,560 gaming positions. The casino, reportedly, would have 3,600 slot machines, whereas the hotel would offer a total of 308 guest rooms and suites. Other amenities of the resort include a 25,000-square-foot meeting space and a 3,000-seat theatre.
Chris Jones, Union Gaming Group analyst, addressed investors saying that the loan was a good sign for the progress of construction. He also revealed that the company believed that MGM National Harbor would be “one of the most profitable regional casinos” in the United States. Some of the reasons for such hopes, he explained, were population density, significant tourism, favourable demographics and considerable group and convention demand.