MGM to acquire Empire City Casino
MGM Resorts International and MGM Growth Properties have reached an agreement to buy the venue and expand in the East Coast.
US.- MGM Resorts International and MGM Growth Properties LLC MGP have reached an agreement to buy Empire City Casino’s race track and casino. The deal includes several conditional clauses but is initially worth US$850 million and is expected to be closed by 2019.
MGP will acquire the developed property from MGM Resorts and lease it to one of the latter’s subsidiaries, which will control the property.
Among the conditional terms of the deal is a clause that foresees a US$50 million payment should Empire City get a licence for live table games on or before Dec 31st, 2022 and MGM Resorts accepts it by Dec 31st, 2024.
“With Empire City’s approximately four per cent share of gross gaming revenues in the market, we believe there are significant opportunities for MGM Resorts to further drive growth,” MGM Resorts said.
The move will help MGM Resorts continue to expand in the East Coast and is set to help it benefit from the sports betting liberalisation after the Supreme Court revoked the Professional and Amateur Sports Protection Act (PASPA).
