Radio One Inc. Invests $40 Million in MGM Resorts (Demo)

Radio One Inc. is investing in $40 million in MGM Resorts International now because it’s a given that later, MGM will be opening at National Harbor.  Cathy Hughes is a pretty shrewd business woman and I’m sure she wouldn’t be investing unless this was a sure thing.  The Wall Street Journal posted, ” MGM National Harbor is also upbeat in announcing the letter of intent with Radio One Inc. which is a nationally known media company that targets its African-American consumers specifically, Radio One will be investing close to $40 million in MGN which will make it an important and valued stakeholder at MGN National Harbor.  Jim Murren Chairman and CEO of MGM Resorts International said that Radio One would be a great partner for MGM as it can help MGM reach the level of brand presence that they are looking for. It will also help the company communicate more with the African-American community on diversified platforms. He also added that MGM National Harbor would embrace the equality and diversity provided to add value to the company’s high performance teams.
Baltimore Business Journal did a good summation of the casino proposals from MGM International, Greenwood Racing, and Penn National Gaming but folks, it’s a wrap.  MGM is coming.
MGM and Radio One• MGM Resorts International has proposed the most expensive of the three projects, a $925 million casino resort at National Harbor. The casino would have 3,600 slot machines, 140 table games including poker, and a 300-room hotel and spa with a rooftop pool. Celebrity chefs would be a big part of the project, too. Top Chef contestants and brothers Bryan Voltaggio — of Frederick’s Volt and Washington, D.C.’s Range — and Michael Voltaggio — of Ink in Los Angeles — would partner on a steakhouse and gastropub. The MGM (NYSE: MGM) project would also include a Southern BBQ restaurant from Food Network stars Gina and Pat Neely and an Italian bistro from Andrew Carmellini, the James Beard Award-winning chef behind New York’s Locanda Verde and The Dutch in New York and Miami. Amenities also include a 1,200-seat theater.
Greenwood Racing, the owner of Parx casino outside Philadelphia, wants to build an $800 million hotel and casino in Fort Washington that could have as many as 4,750 slot machines — the most of any of the three proposals. The casino would start with 3,000 machines initially, and have 120 table games and 50 poker tables. The project also would include a 250-room hotel that could be expanded to 450 rooms and a 3,000-seat events center. Greenwood says the casino would create 5,700 permanent jobs, the most of the three proposals.
Hollywood Casino Penn National Race CoursePenn National Gaming has proposed a $700 million hotel and casino at Rosecroft Raceway. The owner of Hollywood Casino Perryville and Hollywood Casino at Charles Town Races in West Virginia pledged to give would 100 percent of its profits for 15 years, after payment of a management fee, to nonprofits and other organizations benefiting Prince George’s County.
Penn National (NASDAQ: PENN) would contribute $219 million to fund a supplemental pension program for P.G. County teachers. It would also would give $100 million to Prince George’s County Hospital to fund a series of community health care clinics, and donate $200,000 a year annually to local nonprofits and community groups. As for the casino, it would have 3,000 slot machines, 100 table games and 40 poker tables. The project would also include a 258-room hotel and a 69,000-square-foot events center.

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