One obtains approval to invest $40 million in MGM National Harbor resort
20, 2016) Radio One Entertainment Holdings, LLC, a wholly owned
subsidiary of Radio One, Inc., received approval from the Maryland State
Lottery and Gaming Control Commission to become a Principal Entity of
MGM National Harbor, LLC. Radio One has contributed $40 million to
become a non-voting economic partner in the complex. The resort opened
on December 8th of this year and is operated by MGM Resorts
Once completed, MGM National Harbor will include 23-story hotel with 308
rooms, 135,000 square feet in gaming space, retail space, a spa, seven
restaurants, a 3,000-seat theater with seven VIP suites, 27,000 square
feet of meeting and event space, and a parking garage. A total of 4,000
employees work at this location.
In a statement Radio One, Inc. said its investment in the non-voting
economic interests in MGM National Harbor, entitles it to an annual cash
distribution based on net gaming revenue and further diversifies the
business away from dependence on advertising revenues.
Radio One, Inc., together with its subsidiaries, is a diversified media
company that primarily targets African-American and urban consumers. It
is one of the nation's largest radio broadcasting companies, currently
owning and/or operating 55 broadcast stations in 15 urban markets in the
Through its controlling interest in Reach Media, Inc., the company also
operates syndicated programming including the Tom Joyner Morning Show,
the Russ Parr Morning Show, the Rickey Smiley Morning Show, Get up
Morning! with Erica Campbell, the DL Hughley Show, Bishop T.D. Jakes'
Empowering Moments, the Ed Lover Show, the Willie Moore Jr Show, the
Nightly Spirit with Darlene McCoy and the Reverend Al Sharpton Show.
Beyond its core radio broadcasting franchise, Radio One owns Interactive
One, a digital platform for Black and Latin Americans, reaching millions
each month through social content, news, information, and entertainment.
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