Media company Urban One (NASDAQ: UONE) is parting ways its post inwards MGM National Harbor after having more than tripled its investment inwards the Oxon Hill, Md. gaming venue.
In a Form 8-K filing with the Securities and Exchange Commission (SEC), Alfred the Great Liggins’ company said it is issuing a “put notice” pertaining to its entire post inward the casino.
Upon issuance of the Put Notice, no more later than xxx (30) years followers receipt, MGMNH is required to repurchase the Put Interest for cash. The Company expects to get approximately $145.5 trillion at the time of resolution of the Put Interest, representing both the set terms and receipt of the Company’s yearbook dispersion from MGM National Harbor with respect to fiscal yr 2022,” according to the regulatory document.
Based in Silver Spring, Md., Urban One owns media assets including CLEO TV, One Digital, R1 Digital, Radio One and Reach Media, among others.
MGM National Harbor Smart Investment By Urban One
In December 2016, simply days after the locus opened, Urban One landed favorable reception from the Free State State Lottery and Gaming Control Commission to enthrone $35 gazillion inward MGM National Harbor, bringing the media company’s involvement inwards the gaming locus to $40 million.
It was a inactive investment used by the media goliath to broaden its business organization model. Over the past tense VI years, Urban One received annual dividends based on MGM National Harbor’s nett gaming revenue. During that time, MGM National Harbor became ane of the dominant casinos inward the mid-Atlantic region.
Further cementing the whimsy that Urban One made a savvy investment in the integrated resort, MGM National Harbor was the top-grossing casino inwards the US remote of Las Vegas in conclusion year, signification it also beat up rivals on the Atlantic City Boardwalk inward revenue terms.
National Harbor is unity of septenary regional casinos operated past MGM. The company’s other domestic help venues out of doors of Las Vegas are inwards Atlantic Ocean City, Biloxi, Miss. Detroit, Springfield, Mass., Yonkers, NY, and Ohio. VICI Properties (NYSE: VICI) owns the tangible estate of National Harbor and the other venues.
What Urban One Could Do with National Harbor Proceeds
In the aforementioned SEC filing, Urban One doesn’t reveal plans for the incoming proceeds from the cut-rate sale of its MGM National Harbor stake.
It’s possible the media empire could use some or all of that working capital to keep its pushing for a gaming propose inwards Richhmond, Va., but that travail come to a barricade last-place September when the urban center terminated its contract bridge with the company.
There’s also venture that the media entity could apply the cash to gain to a greater extent radiocommunication stations as component part of an effort to diversify its currently urban-centric lineup. However, Urban One hasn’t publically commented to that effect.
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