MGM Resorts Expands Springfield Investment to Include $5 Million Small Business Loan Fund
"Fund for a New Springfield" to Help Local Businesses and Vendors
SPRINGFIELD (MA) October 17, 2012 - MGM Resorts International today announced its commitment to create a $5 million loan fund, the Fund for a New Springfield, to help grow local small businesses and vendors. The Fund will provide micro loans to local businesses that will need capital to make improvements or expand as a result of the development of MGM's proposed Springfield operations. It will help make the entire City of Springfield a world-class destination.
MGM Springfield's proposed dining, retail and entertainment district will incorporate the best the City of Springfield has to offer through its planned use of existing venues and infrastructure such as the MassMutual Center, Symphony Hall, and Union Station. MGM Resortsâ€˜ unique approach to investing in Springfield also will include growing the many small businesses, vendors and suppliers that will complement and serve MGM's project and the surrounding area.
"MGM Resorts is committed to ensuring that our investment benefits Springfield's established businesses while also promoting new ideas and opportunities throughout the entire city," said Bill Hornbuckle, MGM Resorts Chief Marketing Officer and MGM Springfield President. "Loans available through the Fund for a New Springfield will ensure that these great local businesses can scale up and be part of the success we expect to have together in Springfield."<.
Loans through the Fund for a New Springfield will be administered by a third party and will become available when MGM Resorts secures the necessary project approvals from the city and a gaming license from the Massachusetts Gaming Commission (MGC). The company is in the process of selecting a local financial partner to administer the fund.
Loans will be available to businesses throughout the city providing goods and services to MGM Springfield and will prioritize businesses surrounding the planned Downtown Springfield project; businesses owned by veterans, women and minorities; and businesses that focus on and complement hospitality and entertainment, such as restaurants and retailers. The short term-loans will be available for commercial space improvements, inventory and supplies, working capital, machinery and equipment.
Brent Bertelli, owner of Langone's Florist, adjacent to the proposed project site, said, "MGM Resorts' loan fund demonstrates a well thought out and sincere commitment to invest in Springfield well beyond the walls of its proposed casino resort and entertainment complex. With this focus on existing small businesses, the MGM approach to investing in the entire city is second to none."
In August, MGM Resorts unveiled plans to develop an $800 million world-class dining, retail and entertainment district on about 10 acres of land in Downtown Springfield. Concurrently, MGM Resorts submitted a non-refundable $400,000 application fee to the MGC. Just last week, the MGM Springfield Community Office opened at 1441 Main Street and MGM Resorts formally responded to the City of Springfield's request for proposals.
About MGM Resorts International (NYSE:MGM)
MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. In addition to its 51% interest in MGM China Holdings Limited, which owns the MGM Macau resort and casino, the Company has significant holdings in gaming, hospitality and entertainment, owns and operates 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in three other properties in Nevada and Illinois. One of those investments is CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino. Leveraging MGM Resorts' unmatched amenities, the M life loyalty program delivers one-of-a-kind experiences, insider privileges and personalized rewards for guests at the Company's renowned properties nationwide. Through its hospitality management subsidiary, the Company holds a growing number of development and management agreements for casino and non-casino resort projects around the world. MGM Resorts International supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its gaming properties. The Company has been honored with numerous awards and recognitions for its industry-leading Diversity Initiative, its community philanthropy programs and the Company's commitment to sustainable development and operations.
For more information about the company please visit www.mgmresorts.com