Aspire Holdings LLC, the newly created entity that will own certainnonvoting interests in MGM ResortsInternational's MGM National Harbor resort casino , is offering an investment opportunityin the $1.3 billion development to residents in Prince George's County, Md., andminority business enterprises in the county and across the state.
The Aspire Program is eying as much as $30 million of investmentsfrom county residents and a maximum of $10 million of investments from MBEs. Theoffer will be open through Sept. 2 to as many as 90 investors.
Aspire retained EarlyIQ to determine each eligible investor,which may subscribe on a first-come, first-served basis to an investment tier rangingfrom $100,000 to $5.0 million.
Once the resort casino is open and operational, Aspire will beentitled to receive from MGM National Harbor preferred distributions equating to0.50% of the resort casino's annual net gaming revenue to the extent Aspire's full$40 million of limited liability company units are issued.
The resort casino is slated to open during the fourth quarter.