Today I have a guest post from my good friend Jonnathan supporting my analysis of MGM, enjoy!
Question 7 is an effort to expand commercial gaming in Maryland. Lawmakers argue expanded gambling will raise revenue for education. A vote for Question 7 would be in favor of three attempts to expand gambling.
- Authorization of table games
- Increase from 15,000 to 16,000 allowable lottery machines
- An increase in the number of video lottery machine operation licenses allowed in Maryland from five to six – allowing a proposed casino in Prince George’s County.
MGM Resorts International opened a visitor center at the National Harbor as part of its campaign to win approval to build a $700 million gaming complex in the National Harbor area of suburban Maryland.
The casino company, donated $5.4 million in backing a ballot dedicated toward the passage of Question 7.
MGM and National Harbor’s developer, Milt Peterson, see a lucrative opportunity to capture potential gamblers in the affluent Washington market and the 40 million tourists that visit each year.
The vote for “Question 7” will be in November, if we see this pass, I expect to see an immediate jump in the MGM share price, just on SPECULATION.
We’ll keep our eyes on the situation.