MGM Resorts is a major player in the real money gambling industry through its various casino holdings all around the globe. Based out of Paradise, Nevada, some of its more prominent Las Vegas properties include the Bellagio, MGM Grand, Mandalay Bay and The Mirage.
According to a recent Market Watch report by Ciara Linnane, MGM Resorts in conjunction with MGM Growth Properties (MGP) are expanding their casino business into Yonkers, New York. Earlier this week in a company press release, the duo announced that they had reached an agreement to acquire Empire City Casino’s race track and casino for a price tag of $850 million.
Why Is MGM Resorts Buying Empire City Casino?
One of the terms of this deal calls for MGP to acquire all of the developed real estate included in the Empire City deal from MGM. It will then be leased back to one of its subsidiaries. Another facet of this deal calls for MGM Resorts paying an additional $50 million if Empire City garners a license for live table games from the state prior to Dec. 31, 2022. The extra payment is conditional on MGM Resorts accepting that license by Dec. 31, 2024.
MGM Resorts Chief Financial Officer Dan D’Arrigo was quoted in this report at stating, “With Empire City’s approximately 40 percent share of gross gaming revenues in the market, we believe there are significant opportunities for MGM Resorts to further drive growth.” He also added in his recent statement, “We believe the transaction will be value-accretive within the first year of closing, with incremental revenue synergies expected to support growth in 2020 and beyond.”
Empire City Casino Has Over 5,000 Slot Machines
Empire City Casino is the closest real money gambling location to Manhattan and it offers players over 5000 slot machines and other electronic table games. Its racetrack for horses offers a live racing schedule throughout the year as well as simulcast racing year round. Its summer meet extends from July 1 to Sept. 30. The fall meet starts back up on Oct. 1 and it runs the Dec. 27. The downtime at the Yonkers’ track is minimal with a winter meet from Jan. 7 to March 31 followed by a spring meet that starts back up on April 1 running right through June 30.
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When Is MGM Resorts Purchasing Empire City Casino?
This brick-and-mortar casino also offers real money gambling online. Some of the featured online slot machines include Imperial Wealth and Crazy Money II. It offers slots tournaments and a loyalty lounge with private access to exclusive games. New to Empire City online is a Fortune Wheel with free credits up for grabs every four hours.
MGM Resorts operates 27 properties both in Las Vegas and around the globe. Along with the Las Vegas casinos mentioned above, it also owns and operates other properties on the strip such as New York-New York, Park MGM, Aria and The Signature at MGM Grand. Some of its other properties outside of Nevada include MGM National Harbor in Maryland, MGM Grand Detroit, Beau Rivage in Biloxi, Gold Strike in Tunica, Mississippi and Borgata in Atlantic City.