MGM Yonkers submits New York casino licence application
It proposes a $2.3bn renovation of its Empire City Casino site.
US.- MGM Yonkers, a subsidiary of MGM Resorts International, has submitted its commercial casino licence application to the New York Gaming Commission and the Gaming Facility Location board. The $2.3bn proposal for the Empire City Casino site includes a renovation and expansion of existing gaming areas, an expansive high-limit lounge and a new BetMGM Sportsbook
It would also add a 5,000-capacity entertainment venue and meeting space. The application proposes that 10 per cent of tax revenue be directed to the City of Yonkers, 5 per cent to Westchester County and 5 per cent between Rockland and Putnam counties.
MGM Yonkers said: “The development plans have been thoughtfully curated to achieve the maximum benefits for the State of New York, City of Yonkers and surrounding counties, while also meeting the needs of the local community.”
Bill Hornbuckle, president and CEO of MGM Resorts International, said: “Empire City Casino and Yonkers Raceway have anchored the entertainment and tourism culture in downstate New York for more than a century. Achieving a full casino license will ensure this site will continue to be a cultural and economic force for generations to come.”
Licence fee and timeline for downstate casino licences
The New York State Gaming Commission’s Facility Location Board has confirmed two key financial requirements for downstate casino licences: a $500m licensing fee and a $500m minimum capital investment. Some have suggested that the steep licence fee could favour New York’s two existing racinos, including MGM’s Empire City in Yonkers since they would be able to generate revenue straight away.
