This week, the New York State Gaming Commission approved the licenses required to allow the sale and operation of Empire City Casino & Yonkers Raceway to MGM resorts. After the commission’s approval, MGM completed the transactions for the acquisition of Empire City Casino in Yonkers.
“We are pleased to welcome the 1,200 employees at Empire City Casino to the MGM Resorts family,” said Jim Murren, chairman and CEO of MGM Resorts.” Over the past three years, we have established a meaningful presence in the northeast with Borgata in Atlantic City, MGM National Harbor in Maryland, and MGM Springfield in Western Massachusetts. With this new addition to the MGM Resorts portfolio, we have now gained a foothold in the high-density New York City region and we look forward to leveraging the MGM platform to maximize value in this evolving marketplace.”
Last year, MGM announced its intention to buy Empire Casino and the racetrack for $850 million. A slight delay from the NYS Gaming Commission earlier this month tied up the vote until this week, when the commission approved the licenses without comment.
Commission Chairman Barry Sample thanked the Rooney family “for the many years they’ve contributed to the health of the harness racing industry in the state,” and welcomed MGM to New York. The Rooney family has owned the raceway since 1972.
“What’s incredibly exciting is the amount of opportunity MGM Resorts will bring to the employees at Empire City, as well as Westchester County, the City of Yonkers and the State of New York,” said Timothy Rooney, president and CEO of Empire City Casino. “With destinations throughout the world, from resorts to casinos to entertainment, MGM has a tried-and-true formula for success. They know how to build and grow properties that continually raise the bar in entertainment, travel and leisure, and we are so thrilled to leave Empire City in MGM’s capable hands. What’s more, the potential for growth at Empire City has absolutely no boundaries. MGM will truly provide Empire City employees and the property’s guests with the resources and opportunities to make the casino and track into something we haven’t even yet realized. I cannot wait to see what’s to come.”
MGM Executive Uri Clinton will serve as president and chief operating officer of Empire City, and this will be the company’s first entertainment property in New York, with 5,300 machines and the largest harness track in the state.
MGM is expected to announce plans to expand on the 97-acre property with a hotel and more entertainment options in the near future.
“Today, we continue to expand MGP’s best-in-class portfolio with the acquisition of the real estate assets of Empire City, expanding our geographic footprint to the New York City metropolitan area,” said James Stewart, CEO of MGM Growth Properties. “This financially accretive transaction further diversifies our existing market-leading regional portfolio and provides us with additional growth opportunities with a right of first offer on any potential capital improvements in the future. This is another excellent example of the power of our partnership with MGM Resorts.”
Future plans for the property will also depend on giving Empire Casino a gaming license that includes table games similar to MGM properties in Las Vegas and Atlantic City. That decision will also have to come from the NYS Gaming Commission. MGM Resorts has also agreed to pay an additional $50 million if Empire City is awarded a license for live table games on or prior to Dec. 31, 2022, and MGM Resorts accepts such license by Dec. 31, 2024.
The reported sale price of the 97-acre property, casino and racetrack was $850 million. Currently, Empire City serves approximately 16 million eligible gaming customers in southern New York, with 5,200 of the latest slots and electronic table games, multiple dining outlets, and both live and simulcast horse racing.
Congratulations and thanks to the Rooney family for its commitment to Westchester and Yonkers, and welcome to Yonkers MGM.
