Columbus, OH – CBS News reported Tuesday (Oct. 14) that MGM Yonkers announced they are withdrawing their bid for a casino license for Empire City.
According to the story, “MGM had said it was ready to start construction of a $2.3 billion expansion within months of getting a license. Their proposal would’ve added 183 live dealer games, along with 14 new restaurants and bars, and a 5,000-seat venue for concerts and shows.”
CBS News reported that MGM Yonkers released the following statement,
“Today, MGM Resorts made the difficult decision to withdraw its application for a commercial casino license in Yonkers, New York. Since submitting our application in June, the competitive and economic assumptions underpinning our application have shifted, altering our return expectations on the proposed $2.3 billion investment.
“The newly defined competitive landscape – with four proposals clustered in a small geographic area – challenges the returns we initially anticipated from this project. Also, our proposal to renovate and expand Empire City Casino was predicated on the receipt of a 30-year commercial casino license but based on newly issued guidance from the State of New York we now expect to qualify for only a 15-year license. Taken together, these events result in a proposition that no longer aligns with our commitment to capital stewardship, nor to that of our real estate partner in Yonkers, VICI.
“MGM Resorts has been a proud partner of the City of Yonkers and the State of New York since we purchased Empire City Casino in 2019. The property has generated more than $5 billion for New York State education, including $1.6 billion under our ownership. We know our decision will impact many individuals; we remain committed to operating the property in its current format and believe it will continue to enjoy success serving customers in Yonkers and the surrounding communities.”
To read the complete CBS News story, click here.
To watch video of the CBS News story, click here.