MGM Resorts International and MGM growth properties have announced the completion of transaction to acquire Empire City Casino, located in Yonkers, New York.
MGM Resorts acquired the property for approximately $850m, with the company agreeing to pay an additional $50m if Empire City was awarded a license for live table games on prior to December 31,2022.
MGM has also agreed to give MGP a right of first offer with respect to certain undeveloped land adjacent to the property.
Jim Murren, Chairman and CEO Of MGM Resorts, said of the deal: “We are pleased to welcome the 1,200 employees at Empire City Casino to the MGM Resorts family.
” Over the past three years, we have established a meaningful presence in the northeast with Borgata in Atlantic city, MGM National Harbour in Maryland and MGM springfield in Massachusetts.
The 97 acre Empire City, located 15 miles from Manhattan’s Times square serves around 16 million eligible gaming customers in Southern New York, and features over 5,200 slots and electronic table games, multiple dining outlets and both live and simulcast horse racing.
Timothy Rooney, President and CEO of Empire City Casino, said: “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.
” With destinations throughout the world, from resorts to casinos to entertainment, MGM has 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 hand.
“Today, we continue to expand MGP’s best in class portfolio with the acquisition of real estate assets of Empire City, expanding our geographic footprint to the New York City metropolitan area,” added James Stewart, CEO Of MGM growth properties.