MGM CEO: Casino will be ‘solid double or triple’

May 20, 2016 | G. Michael Dobbs
news@thereminder.com

SPRINGFIELD – The city’s top economic development officer, Kevin Kennedy, isn’t concerned about how Jim Murren, MGM Resorts International chairman and CEO characterized the Springfield MGM project during a recent interview.

A MGM spokesperson told Reminder Publications the company is “absolutely excited” about Springfield.

Murren was the guest of Jim Cramer on the CNBC show “Mad Money” on May 16 and compared two of the company’s casino projected currently under construction: the National Harbor $1.3 billion casino resort in Maryland and the $900 million Springfield project.

Murren predicted the National Harbors property would “gush cash” and make $200 million a year from the property. Using a baseball term, he called it “a grand slam.”

Cramer asked Murren why did the company choose Springfield. Murren responded that Springfield is a “gritty market, down and out” and compared the city to Detroit, MI, where the company has a property.

He explained the casino there has been successful.

While National Harbor is expected to be “a home run,” Springfield should be “a nice solid double or triple,” Murren said.

Clark Dumont, senior vice president, Corporate Communications for MGM Resorts International said Murren’s comparison between the two casinos had “no diminishment, no demeaning” for Springfield.

Kennedy said Murren was comparing the scope of the two projects. National Harbor will be in much larger market, serving Maryland, Washington D.C. and Virginia and with access to three airports.

Kennedy also said with National Harbor opening this year, it was predictable Murren would speak more about it with Cramer.

“I think a double or triple is pretty good,” Kennedy said.

Dumont said the next day, Murren appeared on “Bloomberg <GO>” program and spoke more about Springfield during a segment in which he was asked about his passions in business.

Dumont said Murren “gushed” about the city’s history and potential.

That video has not yet been posted on the Bloomberg website.

Kennedy noted, “Wade Boggs had a solid hitting average for the Red Sox but he didn’t hit too many home runs.”

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