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4-Traders Homepage  >  Equities  >  Nyse  >  MGM Resorts International    MGM

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MGM Resorts International : MGM National Harbor found suitable for gaming license in Maryland

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10/11/2013 | 12:33am CEST

NATIONAL HARBOR, MD, October 10, 2013 - MGM National Harbor, LLC, a subsidiary of MGM Resorts International (NYSE: MGM), moved another step toward earning a license to operate a destination resort in Maryland today when the Maryland Lottery and Gaming Control Commission voted unanimously to accept a report by the Maryland Lottery and Gaming Control Agency, which concluded that MGM National Harbor, "its principal entities and principals have established by clear and convincing evidence their qualifications for operation license."

"We are very pleased with the results of the process in Maryland," said MGM Resorts Chairman and CEO Jim Murren, who participated in today's hearing in Baltimore.  "We commend the Maryland Gaming and Lottery Control Agency on its proficiency throughout this process.  Our company has undergone similar processes in a number of jurisdictions and we found Maryland's process to be thorough, comprehensive, and conducted in a fair and professional manner."

MGM National Harbor is currently one of three bidders vying for a new license in Prince George's County, Maryland. The MGM proposal would place a destination resort at the National Harbor development, which is south of Washington, D.C., on the banks of the Potomac River and adjacent to a major freeway interchange with access to the Washington Beltway.

The next step in the licensing process comes the week of October 21, when bidders will present their proposals to the Maryland Video Lottery Facility Location Commission on three separate days. MGM National Harbor will present on Friday, October 25.

Mr. Murren added, "We look forward to October 25, and the opportunity to share our proposal with the Commission, the people of Maryland, especially our prospective neighbors in Prince George's County. We have the best site, the best proposal and the best company. The combination of our experience, our vision, and the unmatched National Harbor site will maximize the benefit for Maryland and Prince George's County."

The Maryland Video Lottery Facility Location Commission has indicated that it expects to make the license award by end of the year.

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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 also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% 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.

For further information: Lynnette Johnson Williams, Edelman; O: (202) 326-1755; C: (202) 817.7701; Email: Lynnette.Williams@edelman.com; Gordon Absher, MGM Resorts International; Email: GAbsher@mgmresorts.com

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Financials ($)
Sales 2016 9 180 M
EBIT 2016 1 401 M
Net income 2016 329 M
Debt 2016 12 204 M
Yield 2016 1,03%
P/E ratio 2016 38,19
P/E ratio 2017 22,61
EV / Sales 2016 2,76x
EV / Sales 2017 2,12x
Capitalization 13 106 M
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 29,4 $
Spread / Average Target 27%
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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, Treasurer & Executive VP
William Delford Davis Director-Emeritus
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