Consultants say MGM Resorts has superior Maryland proposal


Two consultants told the Maryland Video Lottery Facility Location Commission on Friday that MGM Resorts International had the superior proposal for a hotel-casino complex in Prince George’s County.

MGM Resorts has proposed building an $800 million development at National Harbor on a site overlooking the Potomac River across from Washington, D.C.

According to coverage of the meeting by the Washington Post, two consultants who created separate sets of projections before comparing notes, said the MGM development would generate $30 million to $102 million more in 2019 revenue than a Parx Casino in Fort Washington and between $152 million and $168 million more than a Hollywood Casino at the historic Rosecroft harness-racing track.

The meeting was held in Annapolis, Md., where six consulting firms presented studies on traffic, hotel rooms, economic impact studies, and marketing expenditures. According to the Post story, MGM Resorts came out on top in most categories.

The proposal from MGM Resorts calls for the company to pay a 56 percent gaming tax on revenues from the casino’s slot machines, a consultant said during the presentation. Table game revenues would be taxed at a flat 20 percent rate.

“We’ve reviewed the consultant reports in detail and believe they’ve made a fair assessment of some very complex issues,” MGM Resorts President Bill Hornbuckle said in a statement. “We were pleased to find that our proposal was ranked first in so many of the consultants’ rated categories.”

Maryland gaming authorities are expected to award the winner the right to build a single casino in Prince George’s County on Dec. 20.

“We look forward to the completion of this evaluation process,” Hornbuckle said. “We are confident the commission will make their determination based on the most important criteria and that is what is best for the people of the State of Maryland and Prince George’s County.”

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.

 

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