NATIONAL HARBOR, MD-Peterson Cos., andMGM Resorts International unveiled a grand schemeon Friday to develop a $600-million to $700-milliondestination resort casino here. The complex willnot be at downtown National Harbor, but rather on a 30-acre Beltwayparcel that the developer also owns at National Harbor,approximately one mile away from downtown, Peterson Cos.’Jon Peterson tells GlobeSt.com. “MGM will take 13acres and we will do complementary development.”
It is an important distinction, he says, because the Beltwayparcel already has the necessary infrastructure and utilities inplace. Also, it is located next to the Tanger Outlet Center that is beingdeveloped there.
Before Peterson and MGM can start planning, however, they mustovercome a number of legislative hurdles, including havingMaryland’s state legislature pass legislation permitting a sixthcasino license at National Harbor; establishing a more competitivetax rate for the destination resort; and, finally, sealing the dealby getting Maryland voters’ approval via a state-widereferendum.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
