Just recently, the Rooney family received approval from the Gaming Commission of New York for selling the Empire City Casino along with the Yonkers Raceway property for $850 million to the new owner, MGM Resorts International.
Now, the family will receive an additional $50 million if MGM desires to obtain a casino license for the said property.
MGM Resorts Gains a Foothold
This deal was finalized on January 29, 2019, in which it gave MGM Resorts International a foothold due to the high-density of the New York City region.
In addition to this deal, MGM Resorts International had already been a part of many establishments such as the Borgata Hotel Casino & Spa in Atlantic City, MGM Springfield in Western Massachusetts, and MGM National Harbor in Maryland.
Now, they’re hoping to maximize the value of the recent establishment made with the deal by starting their plan with a full-scale gaming license.
Despite being in a hurry, the Empire City received a moratorium in which they’re unable to host live table games until 2023.
This is said to have been done in order for upstate casinos to have a chance of gaining a footing in the market instead of getting crushed in the competition by the popular Empire City Casino.
Support for Empire City
There are many people who support the expansion of MGM Resorts International into New York in the form of the Empire City Casino. Many people state that it would not only benefit the international company, but also the city if they expand.
It is also believed that the revenue from these gambling venues will benefit the city’s schools as they would receive a share of it, as well as increase job vacancies in the city due to the reopening of both the Yonkers Raceway and Empire City Casino.
Despite gambling companies operating for the sake of money, there are times where organizations are affected in a positive way. This may also improve the city’s entertainment source if the Empire City opens in 2023.