Empire City Casino Selling To MGM Resorts For $850M

YONKERS, NY — Empire City Casino is changing hands. Yonkers Racing Corporation, its owner and operator, announced Tuesday it has entered into an agreement to sell its racing and gaming property and operations to MGM Resorts International. Empire City is one of the largest gaming facilities in the United States and is one of only two licensed to serve the New York City metropolitan area.

MGM Resorts will pay approximately $850 million, of which about $245 million is expected at the time of closing.

About $260 million of the remainder will be in the form of MGM Resorts common stock.

MGM Resorts has also agreed to pay $50 million additionally if Empire City is awarded a license for live table games on or prior to Dec. 31, 2022, and MGM Resorts accepts such a license by Dec. 31, 2024.

Tim Rooney Sr., president and CEO of Empire City, said the vision for the property has always been to develop it into one of world’s greatest entertainment destinations.

“We have been a partner of New York State and its communities for 46 years, and it was important to us that we identify an entity that could build on the strong foundation we have established and bring our vision to fruition,” he said.

“We are confident we have found that in MGM Resorts, one of the premier gaming entities in the world,” Rooney said.

The transaction with MGM Resorts is subject to regulatory approvals and other customary closing conditions and is expected to close in the first quarter of 2019.

Empire City’s 97-acre property serves more than 16 million eligible gaming customers in southern New York and is located only 15 miles from Times Square in Manhattan.

It features more than 5,200 of the latest slots and electronic table games, multiple dining outlets and both live and simulcast horse racing.

Photo credit: Google Maps.