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MGM secures $525M in financing for National Harbor project in Maryland

MGM Resorts International said Monday it secured $525 million in financing that will be used to complete the $1.3 billion MGM National Harbor development in Maryland.

The company said in statement, the 308-room hotel-casino near the Potomac River with near Washington, D.C., will open at the end of this year.

The company recently topped-off the property’s 24-story hotel tower.

Union Gaming Group analyst Chris Jones told investors the loan was a good sign for the development.

“We continue to believe MGM National Harbor will be one of the most profitable regional casinos in the U.S.,” Jones said.

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

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