SOURCE MGM Resorts International
- Company Moves to Next Phase of Licensing Process
SPRINGFIELD, Mass., Dec. 23, 2013 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today received a unanimous vote from the Massachusetts Gaming Commission (MGC) finding the company a suitable candidate for a casino license in the Commonwealth. The decision moves MGM Springfield another step closer to being awarded the sole license to operate a destination resort casino in Western Massachusetts.
The Commission's 12-page decision follows the Dec. 9 positive recommendation from its investigative division.
According to the decision, "The Commission, by unanimous vote, finds that the Applicant has satisfied its burden of proving by clear and convincing evidence that it meets the standards for suitability."
MGM Resorts Chairman and CEO James J. Murren said, "MGM is very proud to have received the unanimous support of the Massachusetts Gaming Commission after many months of diligent hard work and cooperation by all parties. Our approach from the start of this rigorous process has been to be as forthright and thorough as possible in order to showcase our company's incredible global work ethic and high standards."
The next step in the licensing process for MGM is the submission of its full license application, which is due to the MGC by Dec. 31. Following that submission, MGM will be required to present its proposal in a public hearing before the MGC. That presentation will be followed by two community public hearings, one in Springfield and one in an abutting community. Details of those meetings, including dates and locations, are expected to be set soon for January and February.
Bill Hornbuckle, President of both MGM Resorts and MGM Springfield said, "We look forward to submitting our MGM Springfield application later this month, and to ultimately being awarded the sole gaming license in Western Massachusetts. The people of Springfield and the region deserve this opportunity. We would be honored to bring our business and community partnerships to Western Massachusetts and be a driver of the resurgence of Springfield."
For nearly two years, MGM officials have been working with Springfield's community and business leaders, stakeholders and residents to gain understanding and support for MGM Springfield. The project was endorsed by many groups and individuals that included neighborhood associations, cultural and civic organizations and labor unions. In July, MGM Springfield was overwhelmingly approved by the voters of Springfield.
MGM officials continue to have conversations throughout the Western Massachusetts region. As a result, MGM Springfield was recently endorsed by regional chambers of commerce representing more than 2500 businesses, finalized an exclusive marketing agreement with Six Flags New England, and reached surrounding community agreements with Ludlow, Agawam, East Longmeadow, Wilbraham, and Chicopee. The company believes its outreach efforts will lead to further surrounding community agreements in the coming weeks.
MGM Springfield, an approximately $800 million resort, is proposed for 14.5 acres of land between Union and State streets, and Columbus Avenue and Main Street.
The MGC anticipates that the resort-casino licenses for Eastern Massachusetts (Region A) and Western Massachusetts (Region B) will be awarded in spring 2014.
About MGM Resorts International (NYSE:MGM)
MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51 percent of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50 percent of CityCenter in Las Vegas, which features ARIA resort and casino.
For more information about the company please visit www.mgmresorts.com.
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