MGM Yonkers withdraws from New York casino license bid

MGM Resorts International subsidiary, MGM Yonkers, has officially withdrawn its application for a commercial casino license from consideration by the New York State Gaming Commission, leaving bids from Hard Rock International, Resorts World and Bally’s Corporation still remaining. 

“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,” MGM Yonkers said in a released statement. 

“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.”

MGM Yonkers was thought to hold an advantage in the race given its existing racino in New York, but pulled out even after advancing to the New York State Casino Gaming Location Board following unanimous approval from the Community Advisory Committee on September 23. 

Good to know: MGM Resorts entered into a partnership with BetBlocker on October 14, a UK-based safer gambling charity, to enhance player protection initiatives across its properties

“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 Yonkers said. 

“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.”

The New York State Gaming Commission is expected to issue three commercial casino licenses by the conclusion of 2025, with two proposals in Queens and one in the Bronx still under consideration.

Kirk Geller

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