Boston, MA 01/23/2014 (wallstreetpr) – In December last year, MGM Resorts International (NYSE:MGM) had won state approval to build a $925 million casino in the Prince George’s County, Maryland. Rushern Baker III had flown to India and Brazil to drum up business for the County, about 59 kilometers south of Baltimore.
Revenue generator for the Washington suburb
As MGM got the green signal from the Maryland gaming commission, The Chief Executive Officer Jim Murren said the venture could be the most profitable one for them outside of Las Vegas. Baker, a Democrat, has put high stakes that the casino will fetch a $41 million as direct revenue to the Washington suburb, home to the Andrews Air Force Base and the U.S. Internal Revenue Service. He said that it would be its only kind on the East Coast. This would attract the international clientele that draws in from the Washington region. Further, they would also generate revenues from tourists and sales. The project which would require building a 300 suite Hotel in National Harbor is a great opportunity to increase the county’s economy. The project demands bringing 3,600 slots and 140 table games as well.
After the federal shutdown
According to Standard & Poor’s 500 Index, more than 25% of the jobs in the county are with government employers such as the IRS and Andrews. This gives the county debt its top AAA grade. The ratings company went on to further mention that this government presence and institutions such as the University of Maryland College Park play a key role in stabilizing employment and property tax bases. After the devastating effect of the federal government shutdown, the county executives have been trying to widen and diversify the business opportunities in the county. For the last three years, they have been trying to rope in commercial businesses like MGM to ease their dependency on the state contracts.
As announced by the deputy chief administrative officer, Thomas Himler, Prince George is planning to sell bonds value between $130 million and $ 140 million in May. The general fund budget is $2.7 billion.
