Tuesday, September 27, 2022

MGM Harbour secures $525 million funding


MGM has announced in a recent filing that its subsidiary MGM National Harbor, LLC, has entered into a $525 million bank facility to fund the development and construction of MGM National Harbor in Maryland.

The $525 million facility is comprised of a $425 million term loan A and $100 million revolving facility.

"We are appreciative of the support from our lenders in the development of MGM National Harbor," said Dan D'Arrigo, Executive Vice President, Chief Financial Officer and Treasurer of MGM Resorts International. "This transaction is an important part of the resort's construction progress and we are looking forward to opening this luxury resort later this year."

Construction of the $1.3 billion resort casino began in Sept. 2014, and the project is expected to open in Y16Q4.

Union Gaming believes the new resort casino will be one of the top performing regional casinos in the US “given its proximity to the Washington DC metro area, which offers population density, favorable demographics, and significant tourism (domestic and international) as well as considerable group and convention demand.”

MGM National Harbor will include an estimated 4,560 gaming positions, including 3,600 slot machines, 308 guest rooms and suites, a 3,000-seat entertainment theater, high-end retail and more than 25,000 sqft of meeting space.

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