First Quarterly Report to Prince George's County Shows MGM National Harbor Exceeding Goal for Minority Business Participation Set in Community Benefits Agreement
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.
SOURCE MGM Resorts International
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