MGM acquires N.Y.-based Empire City Casino
MGM Resorts International and MGM Growth Properties (MGP) have completed the transactions for the purchase of Empire City Casino in Yonkers, N.Y.
Following MGM Resorts’ acquisition of Empire City for approximately $850 million, MGP acquired the developed real property from MGM Resorts for approximately $625 million and leased it back to a subsidiary of MGM Resorts that will operate the property, according to press materials.
Empire City sits on a 97-acre property and serves approximately 16 million eligible gaming customers in southern New York. It is located only 15 miles from Times Square in Manhattan. Offering gaming, racing, dining, and entertainment, Empire City features over 5,200 of the latest slots and electronic table games, multiple dining outlets, and both live and simulcast horse racing.
“We are pleased to welcome the 1,200 employees at Empire City Casino to the MGM Resorts family,” said Jim Murren, chairman and CEO of MGM Resorts. “Over the past three years, we have established a meaningful presence in the northeast with Borgata in Atlantic City, MGM National Harbor in Maryland and MGM Springfield in western Massachusetts. With this new addition to the MGM Resorts portfolio, we have now gained a foothold in the high-density New York City region and we look forward to leveraging the MGM platform to maximize value in this evolving marketplace.”